Treasury Secretary Scott Bessent said Wednesday that President Trump will not reduce tariffs on China without an agreement by both governments to deescalate their trade conflict.

President Trump vowed his administration will reach a "fair deal" with China on trade as he floats substantially reducing tariffs on Beijing.

The White House 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.

U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.