U.S. Treasury Secretary Scott Bessent said Friday he's optimistic about reaching a trade agreement with China as President Donald Trump launched a sweeping new round of tariffs affecting dozens of countries.

Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

Treasury Secretary Scott Bessent said that he’s set to discuss with President Donald Trump Thursday an extension of the tariff-hike truce with China, expressing confidence a settlement will be reached.