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U.S. Secretary of the Treasury Scott Bessent walks to speak to the news media about the latest tariff announcement from President Donald Trump, at the White House in Washington, D.C., U.S. April 9, 2025.
Leah Millis | Reuters
Treasury Secretary Scott Bessent told investors in a closed-door meeting Tuesday he expects "there will be a de-escalation" in President Donald Trump's trade war with China in the "very near future," a person in the room told CNBC.
"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 in Washington, D.C., hosted by JPMorgan Chase.
Stocks, already recovering from the prior day's sell off, soared higher after Bessent's remarks were first reported.
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