US Treasury chief says trade talks with China could include Russia, Iran oil purchases
Scott Bessent says China is large buyer ‘of sanctioned Iranian oil, sanctioned Russian oil. So we could start discussing that’
US Treasury Secretary Scott Bessent said on Monday that the Trump administration was in no rush to cut a trade deal with China, but that talks were “in a good place” as both countries engage in discussions ahead of the expiration of a pause in tariffs next month.
In an interview with CNBC, Bessent also said he intended to include in his discussions China’s purchases of Russian and Iranian oil.
“I think trade is in a good place,” Bessent said, adding that the administration was more concerned with the quality of trade agreements rather than their timing.
“And I think now we can start talking about other things,” he added.
As the trade war hit a fever pitch in April and May, the world’s two largest economies hiked tariffs on each other’s goods to triple-digit levels in a quick-fire, tit-for-tat escalation.
But after talks in Geneva and London led by Bessent and Chinese Vice-Premier He Lifeng, Washington and Beijing temporarily lowered tariff levels until mid-August while discussions continued.