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.

The Asian nation is starting to look elsewhere for the liquefied petroleum gas that makes propane and plastics.

China has begun returning Boeing aircraft that were previously ordered from the United States, marking a substantial retaliation against tariffs imposed by the Trump administration. Boeing's chief executive,