US Treasury’s Bessent will meet with China’s He Lifeng this weekend

US Treasury Secretary Scott Bessent told a House Financial Services Committee hearing that US officials had been in talks with China about a crackdown on countries supporting Iran.

WASHINGTON - US Treasury Secretary Scott Bessent on Sept 15 said he would meet with Chinese Vice-Premier He Lifeng this weekend ahead of a meeting between President Donald Trump and Chinese President Xi Jinping next week.

Bessent told a hearing of the House Financial Services Committee that Trump and Xi would continue discussions on Iran and China’s financial links to Tehran, which Washington has been seeking to shut out of Western financial systems.

The Treasury secretary said US officials had been in talks with China about a crackdown on countries supporting Iran.

“With China, we have had some very good private discussions, and I look forward to those continuing this weekend when I meet my Chinese counterpart, the Vice-Minister Lifeng, and I’m sure it will continue during President Xi’s state visit,” Bessent told lawmakers during the hearing.

A Treasury spokesman had no immediate comment on the venue or exact date of the planned meeting.

The Chinese and US presidents are expected to meet in the US on Sept 24, although China has yet to officially confirm the meeting will take place.

Trump on Sept 13 reiterated his view that he has a good relationship with Xi, and brushed aside a report that Iran acquired satellite images of a base in Jordan from Chinese entities before an attack that killed three US troops.

Reuters reported last week that Iran had bypassed sanctions on its oil sales by using a barter-like arrangement to buy billions of dollars’ worth of goods, including military gear, from China.

Treasury in August launched a new push to isolate Tehran and crush its ability to fund the war in the Middle East. Dubbed “Operation Economic Outcast,” the US has imposed sanctions on three banks including Russia’s VTB, Iran’s proxy networks in several countries, and Iran’s entire aviation industry.

It also put sanctions on some Chinese independent refineries, but it has thus far refrained from going after larger Chinese financial institutions, despite Bessent’s repeated warning that Washington will not tolerate any support for Iran and will continue to hunt down its enablers.

Bessent and He held what China’s state news agency Xinhua called “candid, ​in-depth, and constructive” discussions by phone in July. The two sides agreed to ​use the China-US economic and trade consultation mechanism ⁠to strengthen communication, enhance mutual trust and expand ​cooperation, Xinhua said.

Beijing, however, also raised “serious concerns” over ​recent US trade and economic restrictions on China, after Washington announced new tariffs of 10 per cent ​and 12.5 per cent on goods from 60 trading partners ​over allegations of lax enforcement of forced labour bans. China was ‌assigned ⁠a 12.5 per cent rate.

China-US trade relations have remained largely stable since a truce announced in 2025. The ​two countries agreed this year to set ​up ⁠the Board of Trade to explore areas where they could cut duties on goods worth some US$30 billion (S$38 billion). REUTERS