Investing.com -- U.S. Treasury Secretary Scott Bessent reportedly said that he expects de-escalation in the ongoing tariff standoff between the US and China in the "very near future, CNBC reported, citing individuals present at the event.
"The next steps with China are, no one thinks the current status quo is sustainable” with tariff rates at their current levels," Bessent said at a private investor summit hosted by JPMorgan Chase & Co. (NYSE:JPM), CNBC reported, citing sources. The Treasury Secretary said he expects there will be a de-escalation” in the U.S.-China trade war in the “very near future,” a person in the room told CNBC.
The remarks come on the heels of a Bloomberg report. citing individuals present at the event, that the Treasury Secretary anticipates a de-escalation in the situation.
While formal negotiations have not yet begun, Bessent expressed optimism that a deal could be reached between the two economic powerhouses.
Bessent also highlighted that the world’s two largest economies are essentially in a state of trade embargo.