In this paper, we study the approximability of the metric Traveling Salesman Problem, one of the most widely studied problems in combinatorial optimization. Currently, the best known hardness of approximation bounds are 185/184 for the symmetric case (due to Lampis) and 117/116 for the asymmetric case (due to Papadimitriou and Vempala). We present here two new reductions which improve these bounds to 123/122 and 75/74, respectively. One of our main tools, which may be of independent interest, is a new construction of a bounded degree wheel amplifier used in the proof of our results.