U.S. Treasury Secretary Scott Bessent has admitted that the ongoing tariff war with China, sparked by President Donald Trump's massive 245% tariffs, is "unsustainable." Speaking at a private JPMorgan Chase event in Washington, Bessent said the current trade standoff is expected to de-escalate, although formal negotiations have yet to begin.
He added that both the U.S. and China recognize that the status quo cannot continue.