U.S. stocks extended gains on Wednesday after a Wall Street Journal report said the White House was considering slashing China tariffs to de-escalate the trade war between the two countries. A senior White House official said China tariffs were likely to come down to between roughly 50% to 65%,

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.

Bannon's comments came the same day as reports Musk and Treasury Secretary Scott Bessent got into a fierce shouting match in the West Wing.

Elon Musk says he will spend more time at Tesla, but the White House expects him to continue “dedicating a lot of his time”’ to supporting the president.

Elon Musk said he would keep doing part-time work for the Trump administration beyond next month, raising more questions about his role and whether the White House is following the rules.