The Globe and Mail reports in its Wednesday, April 23, edition U.S. Treasury Secretary Scott Bessent stated in a speech that the ongoing tariffs battle with China is unsustainable and anticipates a "de-escalation" in the trade war. An Associated Press dispatch to The Globe reports that Mr. Bessent, however, noted that formal talks have not yet begun. President Trump imposed 145-per-cent tariffs on China, which responded with 125-per-cent tariffs on U.S. goods. These tariffs have contributed to stock market declines and rising interest rates on U.S. debt, raising concerns about slower economic growth and inflation. The speech details were confirmed by two anonymous sources. Mr. Bessent said, "Neither side thinks the status quo is sustainable." The S&P 500 stock index rose after Bloomberg News initially reported Mr. Bessent's remarks. Mr. Trump has shown no public indications that he plans to pull back his baseline 10-per-cent tariff. White House press secretary Karoline Leavitt said Tuesday that Mr. Trump told her "we're doing very well" regarding a "potential trade deal with China." China on Monday warned other countries against making trade deals with the United States that could negatively affect China.