Treasury Secretary Scott Bessent said President Trump will not reduce tariffs on China without an agreement by both governments to de-escalate their trade conflict.

U.S. stocks extended gains on Wednesday after a Wall Street Journal report said the White House was considering slashing China tariffs to de-escalate the trade war between the two countries. A senior White House official said China tariffs were likely to come down to between roughly 50% to 65%,

The China tariffs are likely to come down to between 50% and 65%, the report added citing a White House official.

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 Asian nation is starting to look elsewhere for the liquefied petroleum gas that makes propane and plastics.

China has begun returning Boeing aircraft that were previously ordered from the United States, marking a substantial retaliation against tariffs imposed by the Trump administration. Boeing's chief executive,