U.S. Treasury Secretary Scott Bessent said on Wednesday that high tariffs between the United States and China are not sustainable, as President Donald Trump's administration signaled openness to de-escalating a trade war between the world's two largest economies that has raised fears of recession.

U.S. Treasury Secretary Scott Bessent stated no unilateral tariff reduction offer to China, with trade rebalancing potentially taking 2-3 years. Tech stocks surged as Trump softened his stance on firing Fed Chair Powell, with notable gains in Nvidia, AMD, and Apple.

Treasury Secretary Scott Bessent said that "there is an opportunity for a big deal here" on trade issues between the United States and China. "If they want to rebalance, let's do it together," Bessent said during an appearance at the Institute of International Trade and Finance in Washington,