Bessent to Meet With Chinese Official Ahead of Trump–Xi Summit

Treasury Secretary Scott Bessent said on Sept. 15 that he would meet with Chinese Vice Premier He Lifeng this weekend to discuss Iran sanctions ahead of Chinese leader Xi Jinping’s visit to Washington.

Bessent made the remarks during a House Financial Services Committee hearing in response to a question about U.S. efforts to prevent Iran from circumventing sanctions.

He said the United Arab Emirates has announced that it would halt financial transactions with Iran and that he plans to raise the issue with China, the largest buyer of Iranian oil.

The United States has sought to sever financial lifelines supporting the Iranian regime, including by imposing measures targeting Iran’s trade partners in an effort to economically isolate the country.

“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,” Bessent told the committee.

Bessent said that he expects the talks on Iran sanctions to continue through Xi’s state visit to the United States on Sept. 24, where Xi will meet with President Donald Trump.

Bessent also addressed safety concerns surrounding artificial intelligence, while emphasizing the need for the United States to take the lead in AI development over China.

“It does matter whether the good guys or the bad guys have this. As a person who manages the relationship with China on AI, it matters a great deal,” he said.

This story will be updated with additional details.