Beijing warned it wouldn’t negotiate under continued threats from the White House. “China’s attitude towards the tariff war launched by the U.S. is quite clear: We don’t want to fight, but we are not afraid of it.

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.

Washington and Beijing may soon strike a trade deal. President Donald Trump said China's hefty tariff rate of 145% will also likely drop "substantially."