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.

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.

He is married to a former New York prosecutor with whom he has two children through surrogacy. In London, he socializes with high society and has been close friends with King Charles III and Queen Camilla for three decades.