U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown with China is unsustainable and expects a “de-escalation” in the trade war between the world’s two largest economies.

Treasury Secretary Scott Bessent said on Wednesday that he expects a de-escalation in the ongoing tensions between the U.S. and China, following President Donald Trump's imposition of retaliatory tariffs of 245% on imports of Chinese goods into the country.

Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins Tuesday, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets.