Bessent told people he sees de-escalation with China at JPMorgan private event

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, with the S&P 500 rallying 35 points to a session high. It must be nice to be part of the club.