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.

Treasury Secretary Scott Bessent said Wednesday that China’s current economic model — built on “exporting its way out of economic troubles” — is unsustainable, and that the U.S. wants to help it change.

U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.