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.

Treasury Secretary Scott Bessent told investors Tuesday that the US-China trade war is unsustainable and he expects the battle to de-escalate, a person familiar with the matter confirmed to CNN, giving a boost to a Wall Street rally that had taken shape this morning.

The rally was triggered in part by remarks that Treasury Secretary Scott Bessent delivered at a closed-door investor summit hosted by J.P. Morgan in Washington, D.C. As first reported by Bloomberg, Bessent told the audience that he expected the tariff situation with China to de-escalate while characterizing the ongoing standoff as unsustainable.