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 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 be in conjunction with negotiations and not made unilaterally.