Scott Bessent, the Treasury Secretary under President Donald Trump, said Thursday morning that the U.S. and China are close to reaching a trade agreement, with just under two weeks left before tariffs snap back into full force.

Treasury Secretary Scott Bessent implored US trading partners Wednesday not to “panic” if they don’t agree to economic deals before President Trump’s Friday tariff deadline — while explaining that the US hasn’t yet signed off on a permanent agreement with China because Washington now has “a lot more leverage.