Treasury Secretary Scott Bessent said Wednesday there was an opportunity for a deal with China in a further softening of the Trump administration’s trade stance that has led to a huge market rally over the past two days.

“There is an opportunity for a big deal here,” he said.

Such a deal would be based on more domestic production in the U.S. along with lower import consumption, paired with less export-based production in China along with more domestic consumption of Chinese products.

“The U.S. is looking to rebalance to more manufacturing. The identity of that would be less consumption. If China is serious on less dependence on export-led........

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