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.

Bessent gave the remarks in a private speech in Washington, D.C., for JPMorgan Chase, adding that the conflict is not "sustainable."