U.S. Treasury Secretary Scott Bessent reportedly said during a closed-door private event tonight in Washington, hosted by JPMorgan Chase, that the ongoing trade war between China and the United States is “unsustainable” for both sides, and that he expects de-escalation very soon. However, Bessent cautioned that negotiations have not yet begun and that they are likely to be a “slog” when it comes to China. This comes after U.S. President Trump said earlier today that the current 145% tariff on goods imported from China will be “significantly reduced” following negotiations between himself and Chinese President Xi Jinping.