Chief executives of Walmart, Target and Home Depot reportedly warned Trump that supply chain disruptions were already underway and would lead to empty shelves at U.S. stores in a matter of weeks.

U.S. stocks opened higher Wednesday after President Donald Trump signaled a softer stance toward the eye-watering tariffs he had set for China, while also stating he would not make an immediate change in leadership of the Federal Reserve.

The sharp increase in tariffs and uncertainty will lead to a "significant slowdown" in global growth, the Fund predicted. Trump has imposed taxes of up to 145% on imports from China. Other countries are now facing a blanket US tariff of 10% until July.