Treasury Secretary Scott Bessent on Tuesday reassured attendees of a closed-door JPMorgan investor summit that he expects the trade war with China to de-escalate, according to people in the room for his remarks.

Treasury Secretary Scott Bessent said on Wednesday that he expects a de-escalation in the ongoing tensions between the U.S. and China, following President Donald Trump's imposition of retaliatory tariffs of 245% on imports of Chinese goods into the country.

Bessent gave the remarks in a private speech in Washington, D.C., for JPMorgan Chase, adding that the conflict is not "sustainable."