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.

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.