WASHINGTON >> Less than one hour before the stock market closed on Monday, journalists gathered in the Oval Office for their only chance of the day to ask President Donald Trump about the turmoil caused by his tariff plans.

Are the new tariffs, scheduled to take effect on Wednesday, a bargaining chip to reach better trade deals? Or are they etched in stone in a mission to revamp the global economy?

Investors around the world were hanging on Trump’s every word, but he did little to clear up the situation.

“It can both be true,” he said. “There can be permanent tariffs, and there can also be negotiations.”

The markets skidded to a close. At a time when foreign leaders and business executives are desperate for clarity, the White House is sending mixed messages as it pursues conflicting goals.

Advisers have tried with some success to tamp down a days-long stock selloff by talking up tariffs as a starting point for negotiations, which could mollify Wall Street and jittery Republicans in Congress. But the president continues to insist that he can raise hundreds of billions of dollars in revenue with his new taxes on foreign imports, and he’s shown no willingness to back down from an agenda that he’s advocated for decades, even before entering politics.

The ongoing paradox could erode confidence in Trump’s leadership at home and abroad after he promised a booming economy and tax cuts, not depleted retirement accounts and fears of a recession. For now, as the tariffs are set to kick in, there’s no clear resolution for what could be the most significant overhaul of international trade in a generation.

As a result of the dueling goals, the U.S. stock market has been extremely volatile over the past few days. The S&P 500 stock index initially posted gains on Tuesday morning on the possibility of negotiations, only to close down 1.57% as the White House said that the combined tariffs on China under Trump would be 104% starting on Wednesday.

Sen. Thom Tillis, a North Carolina Republican, urged the White House to “settle the situation.”

He said the “perception as to whether or not there’s an end game is very important.” Tillis said he is “giving the administration the benefit of the doubt” for now. But he added that “you’ve got to get it done as quickly as you can get it done.”

Sen. Elizabeth Warren, a Massachusetts Democrat, said Trump was causing economic chaos with the back-and-forth over tariffs.

“Who makes long term investments based on that?” she said. “Who hires people and trains workers based on the hope that Donald Trump will not change his mind again and again and again?”

White House press secretary Karoline Leavitt said that Trump met with his team on Tuesday morning and “he directed them to have tailor-made trade deals with each and every country that calls up this administration to strike a deal.”

The administration has yet to articulate its goals for any talks with trading partners, other than to suggest that negotiations could take several months and that nations might also need to dramatically overhaul their tax systems and regulations to satisfy Trump’s demands. Canadian and European officials are unsure about how to proceed, even as Trump administration officials insist that as many as 70 nations are looking to start negotiations.

Trump insists that he wants to erase trade deficits that have developed as the U.S. buys more products from other countries than it sells.