U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown with China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.

BEIJING (Reuters) -Chinese President Xi Jinping said on Wednesday that tariff and trade wars undermine the legitimate rights and interests of all countries, hurt the multilateral trading system and impact the world economic order,

Standing outside his friend’s cupcake shop, he says Donald Trump’s levies are a sign that America feels threatened by China’s rise. America’s power is declining, he says. “To be honest, what you feel in today’s world is that hegemony is very hard to achieve.

President Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.

President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility.

The Trump administration on Tuesday signaled the possibility of cooling trade tensions between the U.S. and China. Why it matters: Investors are hoping for deals that might roll back the steep tariffs on Chinese goods that are expected to roil the global economy.