Gatestone Institute Senior Fellow Gordon Chang discusses a potential Donald Trump-Xi Jinping meeting before or during the APEC summit, China and Vietnam joint military exercises and the purchase of American houses by Chinese buyers.
Treasury Secretary Scott Bessent said on Monday that the dependence on China of Iranian and Russian oil is an important problem in coming commercial interviews between the two largest economies in the world.
Despite American sanctions, Beijing is the best importer of Iranian oil and the second largest importer of Russian oil.
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Washington has long complained that Tehran and Moscow use the funds of their oil exports to finance terror and other destabilizing actions around the world.
Russian President Vladimir Putin, right, shakes his hand with Chinese President Xi Jinping during their meeting in the Grand Kremlin Palace on 8 May 2025 in Moscow. (Contributor / Getty image / getty images)
Bessent said in an interview about CNBC that the Trump government will tackle the Chinese oil trade in trade discussions “in the very near future”.
He did not give additional details about when and where those discussions would take place. Bessent led trade negotiations with the Chinese in Geneva in May and a month later in London.
President Donald Trump Has raised rates on all Chinese goods several times this year, with the highest service in April 145%. The current US levy on most Chinese imports is 30%. In the meantime, American goods are imported by China, a 10%duty.
A breakdown of the countries that are confronted with Trump’s rates
“I think the trade is in a good place,” he said, adding that the administration is now moving the focus to other pressure points in the relationship between the American China.
In addition to the import of Russian and Iranian oil, Bessent said that the US wants to curb the status of China as the production of the world production.
US Treasury Secretary Scott Bessent indicates the reported trade agreement in the US, discussed ‘De Tafel’ for future tariff negotiations and weighs on the ‘Big, Beautiful Bill’ of the president.
“We could also discuss the elephant in the Chamber, what this great recalculation is to do the Chinese. They have 30% of the world’s production and that can’t get bigger,” said Bessent.
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He has previously called on China to limit his enormous export economy and to increase the participation of the global trading partner. This gives the US the chance to stimulate the production sector.
