US stock markets closed higher on Wednesday, with President Trump pledging to reduce tariffs on China. The S&P 500 rose 1.67% despite a sharp retreat from earlier gains. The Trump administration is considering a tiered approach to tariffs, but Treasury Secretary Scott Bessent stated there was no unilateral offer to lower them. Mixed signals from Trump have led to market uncertainty, with Asian markets showing mixed results and the euro weakening against the dollar. Gold prices rebounded after a decline.