Bessent belives there will be a US-China de-escalation in ‘the very near future’

This Bessent fiasco of inside information is unfolding in slow motion.

The latest is from CNBC that reports:

Source in the room tells me this is a rough transcript of the comments Treasury Secretary Bessent made yesterday at a closed door event that are moving markets today:

“The next steps with China are, no one thinks the current status quo is sustainable at 145 and 125 [percent]. So I would posit that over the very near future, there will be a de-escalation. And I think that that should give the world, the markets, a sigh of relief… We have an embargo now, on both sides, right?”

There are two notable things here. The main one is that he added he believes it’s coming “in the very near future” and also that the comments were yesterday, not this morning as originally reported.

Separately, the White House’s Leavitt is now saying that ‘the ball is moving in the right direction’ with China.

This article was written by Adam Button at www.forexlive.com.