The dollar barely recouped its heavy losses on Tuesday as investors were no clearer on whether a de-escalation of the Sino-U.S. trade war was underway with Treasury Secretary Scott Bessent suggesting the onus was on China to start negotiations.

Chinese Foreign Minister Wang Yi called for resistance against what he described as a "bully," referring to U.S. President Donald Trump. The diplomat warned against giving in to the Republican's demands on tariffs.

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China's foreign ministry said on Monday the presidents of China the United States "didn't have a call recently," when asked about Donald Trump saying in an interview with Time magazine that Xi Jinping has called him.

Trump's erratic, and often confusing, rollout of tariffs has led to unprecedented market volatility and serious damage to investor trust in U.S. assets.