Trump Treasury Sec. Bessent to speak with Chinese trade counterpart

Treasury Secretary Scott Bessent will speak by phone with Chinese Vice Premier He Lifeng on Friday to discuss ongoing trade negotiations between the United States and China, a senior Trump administration official tells CNBC’s Eamon Javers.

Additional details about the call, including the specific time it will take place or the next steps that will be discussed, have not yet been revealed.

But the planned meeting could signal progress in the U.S.-China relationship, which hit a rocky patch last week after President Donald Trump reacted to Beijing’s new export controls by threatening 100% tariffs on Chinese imports.

“It’s not sustainable, but that’s the number,” Trump said in an interview on Fox Business when asked how this hefty new tariff would affect the economy.

“He probably couldn’t stand it, but they forced me to do it,” Trump said in the interview, part of which was released Friday morning.

“I think we’re going to do good things with China,” Trump added.

He also said he plans to meet with Chinese President Xi Jinping “in a few weeks” while they are both in South Korea.

Bessent said Wednesday on CNBC’s “Investing in America Forum” that there’s a “very good chance” Trump will travel to Asia to meet with Chinese vice premier He before his trip.

Bessent praised him as someone for whom he had “great respect.”