The Treasury secretary said that the President Trump and Xi Jinping of China have a good relationship but that he was not aware of a call, which Mr. Trump had alluded to last week.

Treasury Secretary Scott Bessent said on Wednesday that he expects a de-escalation in the ongoing tensions between the U.S. and China, following President Donald Trump's imposition of retaliatory tariffs of 245% on imports of Chinese goods into the country.

U.S. Treasury Secretary Scott Bessent told a closed-door investor summit on Tuesday that he expects the tariff showdown with China will de-escalate as the situation is unsustainable, according to a media report.