US Treasury Secretary Scott Bessent said Wednesday that Washington has "no currency targets" in its talks with Japan on tariffs, after repeated calls from President Donald Trump for a stronger yen. Bessent said Washington is looking at "tariffs,

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.

Speaking to reporters in Washington on Wednesday, Bessent said “there would have to be a de-escalation by both sides”, echoing comments he made to a JPMorgan conference on Tuesday, where he warned that the US-China trade war was “not sustainable”.