U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.

Treasury Secretary Scott Bessent believes the United States’s trade war with China will wind down soon. Bessent gave the remarks in a private speech in Washington, D.C., for JPMorgan Chase, adding that the conflict is not “sustainable.

Treasury Secretary Scott Bessent on Tuesday reassured attendees of a closed-door JPMorgan investor summit that he expects the trade war with China to de-escalate, according to people in the room for his remarks.