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, the official Xinhua news agency reported.

Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.

Trump said the 145% tariffs on China were "very high," and the final tariff will "not be anywhere near" it.