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.

The Trump administration would look at lowering tariffs on imported Chinese goods pending talks with Beijing, a source familiar with the matter said on Wednesday, adding that any action would not be made unilaterally.

The White House said Tuesday that it was “setting the stage for a deal with China” on trade as administration officials seek to reassure nervous financial markets and investors that progress with