White House, China Deny Imminent Tariff Cuts

U.S. Treasury Secretary Scott Bessent stated that current tariffs are 145% on Chinese imports and 125% on U.S. goods, with both sides viewing these levels as unsustainable. Bessent and the White House emphasized that no unilateral tariff cuts will occur, and any reduction must result from negotiations. President Trump expressed optimism, saying tariffs will 'come down substantially' but not to zero, while Chinese officials stressed that dialogue must be based on equality and mutual respect, rejecting threats and unilateral actions. Reports of the White House considering lowering tariffs to 50-65% are labeled as speculative until formal talks begin. Market volatility persists, and companies remain cautious about long-term plans due to the uncertainty. Any final tariff changes will be announced directly by the president.