U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve. U.S. Treasury Secretary Scott Bessent also said Tuesday that the ongoing tariffs showdown against China is unsustainable and he expects a “de-escalation” in the

Treasury Secretary Scott Bessent told investors Tuesday that the US-China trade war is unsustainable and he expects the battle to de-escalate, a person familiar with the matter confirmed to CNN, giving a boost to a Wall Street rally that had taken shape this morning.

The rally was triggered in part by remarks that Treasury Secretary Scott Bessent delivered at a closed-door investor summit hosted by J.P. Morgan in Washington, D.C. As first reported by Bloomberg, Bessent told the audience that he expected the tariff situation with China to de-escalate while characterizing the ongoing standoff as unsustainable.