Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.

President Donald Trump says his new promise that he’ll be lowering astronomical tariffs on Chinese goods is the result of Beijing’s expressing interest in negotiating a trade deal with him. He even boasted to reporters on Wednesday that talks were “active” over a “fair deal.”