Treasury Secretary Scott Bessent denied a Wall Street Journal report that the White House is considering unilaterally slashing tariffs on Chinese imports, saying that both sides need to mutually take down tariff levels before trade talks can begin.

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.

US President Donald Trump has signaled a potential U-turn on his trade war with China, saying the high tariffs on Chinese goods will “come down substantially, but it won’t be zero.”