Several investment banks have moved to slash China's growth forecasts this year, with most doubting Beijing can achieve the official target of "around 5%" this year.

Stocks drifted early Tuesday as investors look for more details on where tariffs stand for autos and tech products after President Trump signaled some wiggle room on Monday. Stocks rallied to start the shortened holiday week notching the first back-to-back gains for the Dow since late March and for the S&P 500 and Nasdaq,

Trump has described the tariffs as "reciprocal," saying the steep toll will correct a grievance he's held for "35 years:" that the U.S. is being "ripped off" by trade imbalances. The president has claimed the tariffs will prompt countries to try to negotiate a deal with the U.