U.S. Treasury Secretary Scott Bessent said in a Tuesday speech that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the trade war between the

Treasury Secretary Scott Bessent told investors Tuesday that the US-China trade war is unsustainable and he expects the battle to de-escalate, a person familiar with the matter confirmed to CNN, giving a boost to a Wall Street rally that had taken shape this morning.

The rally was triggered in part by remarks that Treasury Secretary Scott Bessent delivered at a closed-door investor summit hosted by J.P. Morgan in Washington, D.C. As first reported by Bloomberg, Bessent told the audience that he expected the tariff situation with China to de-escalate while characterizing the ongoing standoff as unsustainable.