Treasury Secretary Scott Bessent believes the United States’s trade war with China will wind down soon. Bessent gave the remarks in a private speech in Washington, D.C., for JPMorgan Chase, adding that the conflict is not “sustainable.

He is married to a former New York prosecutor with whom he has two children through surrogacy. In London, he socializes with high society and has been close friends with King Charles III and Queen Camilla for three decades.

Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins Tuesday, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets.