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.

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

Over the past 24 hours, the auto industry has experienced some of the most extreme whiplash in the saga of the Trump administration’s tariffs, ending on Wednesday night with two contradicting policy proposals coming out of the White House: China may be granted exemptions on auto part tariffs, but Canada’s car tariffs might increase.