The Treasury secretary said that trade deals with other U.S. trading partners could be announced as soon as this week.

Top US officials and their Chinese counterparts will meet in Switzerland at the weekend to hold trade discussions, boosting hopes for a potential deescalation in the US-China trade war. Treasury Secretary Scott Bessent and trade representative Jamieson Greer will get round the table with Chinese Vice Premier He Lifeng in the most senior-level talks since President Trump's tariff push launched in early April.

The first major meeting between US and Chinese officials since President Trump slapped massive tariffs on China will take place in Switzerland this weekend, and Treasury Secretary Scott Bessent expects “de-escalation” will be the primary topic of discussion.