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.

Levies could be cut by more than half in some cases although President Trump hasn’t yet made a final decision.

China has begun returning Boeing aircraft that were previously ordered from the United States, marking a substantial retaliation against tariffs imposed by the Trump administration. Boeing's chief executive,