The White House said Tuesday that it was “setting the stage for a deal with China” on trade as administration officials seek to reassure nervous financial markets and investors that progress with Beijing could be imminent.

White House press secretary Karoline Leavitt told reporters that she spoke with President Trump about conversations with China on trade, relaying that the administration is “doing very well in respect to a potential trade deal with China.”

“The president and the administration are setting the stage for a deal with China,” Leavitt said at the press briefing. “So, we feel everyone involved wants to see a trade deal happen, and the ball is moving in the right direction.”

Leavitt added that she did not have anything to report on whether Trump has spoken directly with Chinese President Xi Jinping. She also would not elaborate on comments from Treasury Secretary Scott Bessent, who told a private meeting of investors in Washington on Tuesday that he expects a “de-escalation” in the trade war between the U.S. and China.

“No one thinks the current status quo is sustainable,” Bessent said at the event hosted by JPMorgan Chase, according to multiple reports.

The Trump administration has imposed a 125 percent “reciprocal” tariff on imports from China, in addition to a 20 percent tariff on Chinese goods over the flow of fentanyl to the U.S.

China has levied retaliatory tariffs on American goods, prompting concerns about an escalating trade war between the world’s two largest economies.

Trump’s tariffs on China have remained in place even as he has lowered other “reciprocal” tariffs on dozens of nations to 10 percent for a 90-day negotiating window. The president himself has taken something of a softer tone on China in recent days, expressing optimism that he will be able to secure a deal with Beijing and touting his personal relationship with China’s Xi.

Leavitt told reporters on Tuesday that the administration has received 18 proposals from other countries as part of ongoing trade negotiations. Bessent previously said the White House was focused on brokering deals with 15 major economies, including Japan, South Korea and the European Union.