Treasury Secretary Scott Bessent denied a Wall Street Journal report that the White House is considering unilaterally slashing tariffs on Chinese imports, saying that both sides need to mutually take down tariff levels before trade talks can begin.

US President Donald Trump has signaled a potential U-turn on his trade war with China, saying the high tariffs on Chinese goods will “come down substantially, but it won’t be zero.”

Stocks ripped higher Wednesday as President Donald Trump appeared to back off some of his stances most disliked by Wall Street, including more than 100% tariffs on Chinese imports and the firing of Federal Reserve Chairman Jerome Powell, as the market swings wildly on Trump’s latest policy leanings.

Boeing could hand over some of its aircraft that were destined for Chinese airlines to other carriers after China stopped taking deliveries of its planes amid a trade war with the United States.

Boeing's CEO confirmed Wednesday that China had stopped accepting new aircraft due to the US-China trade war, as the company's shares surged following a smaller than expected loss.