U.S. Treasury Secretary Scott Bessent signaled easing trade tensions between the U.S. and China, saying President Donald Trump’s threat to impose a 100% tariff on Chinese goods next month is “effectively off the table” as negotiations advance.

Speaking on CBS News’ Face the Nation on Sunday, Bessent said progress in talks suggests neither Washington nor Beijing plans to escalate trade measures in the near term. Trump’s tariff threat, announced earlier in October and set to take effect Nov. 1, had raised concerns of renewed trade conflict between the world’s two largest economies.

“I’m not going to get ahead of the two leaders who will be meeting in Korea on Thursday,” Bessent said, referring to Trump’s planned discussions with China’s Vice Premier He Lifeng. “But I can tell you we had a very good two days. So I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime.”

Bessent is accompanying Trump on a weeklong Asia tour that also includes stops in Malaysia and Japan. The comments mark a shift in tone after weeks of heightened rhetoric, suggesting both sides are prioritizing stability amid global economic uncertainty.