President Donald Trump said he has “no intention” of firing Federal Reserve chair Jerome Powell, just days after calling him “a major loser” on a Truth Social post.

Instituting an astronomical tariff rate of 145 percent against China, one of the the country’s largest trading partners, has not inspired confidence from American businesses, and China is holding firm on getting Trump to back down. Tuesday’s shift from the president indicates that he is fearful of what will happen if his current approach backfires.