U.S. Treasury Secretary Scott Bessent said on Wednesday that he believes that excessively high tariffs between the U.S. and China will have to come down before trade negotiations can proceed but said President Donald Trump would not unilaterally cut tariffs on Chinese imports.

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.

STORY: TRUMP: "We are going to have a fair deal with China. It's going to be fair."President Donald Trump told reporters outside the White House on Wednesday that the U.S. was still "actively" negotiating with China on trade.