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.

Levies could be cut by more than half in some cases although President Trump hasn’t yet made a final decision.

The Trump administration on Tuesday signaled the possibility of cooling trade tensions between the U.S. and China. Why it matters: Investors are hoping for deals that might roll back the steep tariffs on Chinese goods that are expected to roil the global economy.