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 trade war with China is "unsustainable" in its current form, Treasury Secretary Scott Bessent said Wednesday, though there were mixed messages from the administration about whether the U.S. would move unilaterally to reduce tariffs.

Global stock markets experienced a relief rally after US Treasury Secretary Scott Bessent indicated that high tariffs were not sustainable, raising hopes for a de-escalation in the US–China trade war.