Good afternoon. Today's Wednesday, April 23rd, I'm Rena Sherble, filling in for Kim Khan,

who hopefully you heard on this morning's Wall Street breakfast. Welcome to Wall Street lunch,

our top stories for today. Besant comments on China trade deal, NASDAG gains, tech stock surge,

and crispy creams refresh. Our top story today is that the United States has made no unilateral

offer to reduce tariffs on China. U.S. Treasury Secretary Scott Besant said on Wednesday, according to a media report.

On Tuesday, President Donald Trump said that U.S. tariffs will come down substantially,

but it won't be zero.

And on Wednesday, the Wall Street Journal reported that the White House is considering

whether to cut the massive tariffs on Chinese imports,

in some cases by more than half, to diffuse tensions. Besant, though, told reporters after a speech

at the Institute of International Finance that the Trump administration is looking at a number of

factors beyond tariffs when dealing with China, including non-tariff barriers and government subsidies,

according to Bloomberg News. Furthermore, he said, there is no time frame for trade talks with China.

A full rebalancing of trade could take two to three years.

Besant said China in particular is in need of a rebalancing.

Recent data shows the Chinese economy tilting even further away

from consumption toward manufacturing. China's economic system, with growth driven by manufacturing

exports, will continue to create even more serious imbalances with its trading partners if the status

quo is allowed to continue. The head of the U.S. Treasury also said that the U.S.

and India are very close to a trade pact. However, a deal doesn't necessarily mean an actual trade

document signaling that initial deals would be a broad framework rather than a detailed trade agreement,

Bloomberg said. On Wednesday, Wall Street gave up a chunk of its gains after Besson's comments.

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