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.

Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins Tuesday, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets.

Treasury Secretary Scott Bessent said on Tuesday that he thought an extension of President Trump’s 2017 tax cuts could be complete as soon as July 4 and that the administration would then shift its attention to deregulation.