Treasury Secretary Scott Bessent told private investors during a meeting on Tuesday that the spiraling trade war between the United States and China was unsustainable and that he expects a "de-escalation" soon, according to a report from the Associated Press (AP). Newsweek has reached out to the White House for comment on Tuesday.

The Washington seems ready to blink first in the trade standoff with Beijing, as US President Donald Trump conceded that the 145 per cent tariffs Americans currently pay for most imported goods from China will "come down substantially.

Ukraine imposed sanctions on three Chinese companies on Friday claiming they were involved in production of advanced Iskander missiles, a day after President Volodymyr Zelenskiy alleged that China had been supplying weapons to Russia.