President Donald Trump was ridiculed on social media for backtracking the 145 percent tariffs he imposed on Chinese imports and crashing the world economy in the process. Several critics on social media called out the commander-in-chief for "folding" to China amid massive pressure from economist to roll back his disastrous tariff plan.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.