US Treasury Secretary Scott Bessent made significant comments about the ongoing tariff tensions with China at a closed-door investor summit on Tuesday in Washington.
According to Bloomberg, Bessent told attendees that the standoff with China -- which he said was essentially an embargo -- is unsustainable and that he expects it to de-escalate.
He said that while formal negotiations haven't commenced, a deal remains possible.
Risk assets have rallied on this.
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