Treasury Secretary Scott Bessent said that "there is an opportunity for a big deal here" on trade issues between the United States and China. "If they want to rebalance, let's do it together," Bessent said during an appearance at the Institute of International Trade and Finance in Washington,

President Donald Trump said he plans to be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal, a sign he may be backing down from his tough stance on Beijing amid market volatility.

The White House has 78 days to negotiate trade agreements with at least 57 countries to avoid imposing the "reciprocal" tariffs it announced at the beginning of April.