Treasury Secretary Scott Bessent said Wednesday the Trump administration has an opportunity to make a trade deal with China, amid the countries imposing sharp tariff increases on each other.  

During a speech in Washington, D.C., Bessent said the administration is working to rebalance the U.S. economy toward manufacturing. He urged China to focus on "export-led manufacturing growth."

"There is an opportunity for a big deal here, that the US is looking to rebalance to more manufacturing, the identity of that would be less consumption," Bessent said during his speech, according to the BBC.

He also said China and the U.S. need to rebalance, saying that Beijing's economic market isn't stable, and both countries need a strategy to benefit both nations.

Bessent's speech comes one day after it was reported that President Donald Trump may ease tariffs on China to deescalate the trade war.