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.

The tariff war between the U.S. and China intensified this week as both sides dug in amid rising fears of a global recession. The Trump administration's levies on Chinese imports hit a staggering 145 percent,