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.

U.S. Treasury Secretary Scott Bessent on Tuesday said that the tariff standoff with China is unsustainable and that he expects the situation to de-escalate, a source familiar said. Bloomberg first reported this.