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 Trump said 145% tariffs on Chinese imports will "come down substantially" as his administration expressed optimism about a trade deal.

President Donald Trump moved to ease investor concerns over escalating trade tensions, stating today that the proposed tariff on Chinese imports "won't be anywhere near" the 145% figure previously floated.