The White House is reportedly considering slashing tariffs on Chinese imports from a baseline rate of 145% to 50%-65%, a senior White House official told the Wall Street Journal. The administration is also considering a "tiered approach,

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.

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 not be made unilaterally.

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

Stocks ripped higher Wednesday as President Donald Trump appeared to back off some of his stances most disliked by Wall Street, including more than 100% tariffs on Chinese imports and the firing of Federal Reserve Chairman Jerome Powell, as the market swings wildly on Trump’s latest policy leanings.