Treasury Secretary Scott Bessent said President Trump will not reduce tariffs on China without an agreement by both governments to de-escalate their trade conflict.

President Donald Trump is considering exemptions for automakers from some tariffs announced by his administration, the White House confirmed Wednesday to CNBC's Eamon Javers. The confirmation follows a Financial Times report that Trump is planning to exempt auto parts from tariffs on imports from China.

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