By Gao Yun
U.S. Treasury Secretary Scott Bessent said on Thursday that U.S.-China trade relations have stabilized and are now in what he described as a “very good balance,” suggesting that both sides have stepped back from the heightened tensions seen earlier.
Speaking to Politico on the sidelines of the World Economic Forum in Davos, Bessent said U.S. President Donald Trump and Chinese leader Xi Jinping could meet as many as four times this year in an effort to maintain stability and prevent renewed escalation.
Bessent also disclosed that he recently met with Chinese Vice Premier He Lifeng, who reaffirmed Beijing’s commitment to implementing the trade agreement previously negotiated by Trump and Xi.
“We are watching very closely to make sure they live up to their commitments,” Bessent said. “So far, they’ve done everything they said they would do.”
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As an example, Bessent pointed to China’s completion of a new round of soybean purchases, a key provision of the agreement aimed at supporting U.S. farmers.
He added that Trump would like China to “do a bit more” beyond what is required under the existing deal. Any additional purchases, Bessent said, would be viewed as a goodwill gesture rather than a binding obligation.
The relatively measured tone marks a shift from the early months of Trump’s second term, when Washington imposed steep tariffs on Chinese imports and Beijing responded in kind, pushing bilateral trade barriers close to what analysts described at the time as near-embargo levels.
Bessent played a central role in brokering the agreement that helped ease tensions, though friction between the two countries continues to surface periodically.
He said that if multiple Trump-Xi meetings are scheduled this year, both sides would have stronger incentives to keep relations on an even keel.
Possible venues for the meetings include a spring visit by Trump to Beijing, a summer meeting in the United States, the G20 summit in Miami, and a potential Asia-Pacific Economic Cooperation (APEC) meeting in China.
“If everyone is preparing for a series of meetings, nobody wants to rock the boat,” Bessent said.
Trump also told reporters on Thursday that he plans to visit China in April, while Xi is expected to travel to the United States later in the year.
