Wall Street stocks rallied and oil prices climbed on Tuesday as the US Treasury secretary said a trade war with China was “unsustainable”.
Scott Bessent told investors at a conference hosted by JPMorgan that he expected the two countries would reach a deal at some point, said people familiar with his comments.
He said the high tariffs the US and China have imposed on each other’s imports amounted to what were in effect trade embargoes and added the status quo was “unsustainable”. Bessent also said President Donald Trump was not trying to decouple from China.
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