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.

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.