While U.S. stocks scored a second straight day of big gains on Wednesday, bond investors say American companies still need trade deals to overcome deep uncertainty sparked by President Trump’s tariff fight.

U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed but said President Donald Trump would not unilaterally cut tariffs on Chinese imports.

The comments from the US Treasury Secretary come as the trade war between the world's two biggest economies has escalated.