US Treasury Secretary Scott Bessent insists any US-China trade war de-escalation must be mutual, contradicting reports of President Trump unilaterally cutting tariffs. Bessent stated the current high tariffs are unsustainable and akin to an embargo, emphasizing no unilateral US action is planned. Trump, while acknowledging daily contact with China, affirmed he hasn't lowered tariffs and that China's lack of business with the US is a result. Market reactions were volatile, reflecting uncertainty surrounding Trump's pronouncements and the lack of formal trade negotiations.

Prepared by Christopher Adams and reviewed by editorial team.