U.S. President Donald Trump and U.S. Treasury Secretary Scott Bessent this week indicated that there might be an easing in tensions with China.

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.

Beijing warned it wouldn’t negotiate under continued threats from the White House. “China’s attitude towards the tariff war launched by the U.S. is quite clear: We don’t want to fight, but we are not afraid of it.