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 believes the United States’s trade war with China will wind down soon. Bessent gave the remarks in a private speech in Washington, D.C., for JPMorgan Chase, adding that the conflict is not “sustainable.