Scott Bessent said U.S.-China relations have settled into a "very good equilibrium," lowering the chance of another large-scale economic clash. He suggested Presidents Trump and Xi could meet up to four times in 2024, noting planned or possible visits — including Trump’s April trip to Beijing, a potential summer Xi visit to DC or Mar-a-Lago, the G20 in Miami, and APEC in Shenzhen. Bessent highlighted that China completed its soybean purchases under the trade deal and emphasized the U.S. will hold Beijing accountable for commitments. He also declined to confirm whether an Arctic framework would lead to U.S. ownership of Greenland and criticized Mark Carney’s remarks about the rules-based order.
Bessent: Trump and Xi Could Meet Up to Four Times in 2024 as U.S.-China Ties Stabilize
Treasury Secretary Scott Bessent said in Davos that U.S.-China relations have reached a "very good equilibrium," reducing the risk that disputes will spiral into another broad economic confrontation. Speaking with POLITICO’s Dasha Burns on "The Conversation," Bessent suggested Presidents Donald Trump and Xi Jinping could meet as many as four times this year and build a constructive working rapport.
Potential Meetings and De-Escalation
When senior leaders set a cooperative tone, Bessent argued, small problems can be resolved quickly: "When the leaders are setting the tone for the overall relationship, if there are glitches, if there are hiccups, then they can jump on phone calls and de-escalate very quickly." He listed several likely rendezvous in 2024: Trump's planned April visit to Beijing, a possible summer visit by Xi to Washington, D.C. or Mar-a-Lago, the G20 summit in Miami, and the APEC meeting in Shenzhen — which Trump has reportedly expressed interest in attending.
Trade Commitments and Enforcement
On the sidelines of the World Economic Forum, Bessent said he met Vice Premier He Lifeng, who affirmed China’s intention to implement the trade commitments made with the United States. Bessent praised recent compliance — noting China completed its full soybean purchases under the deal — but stressed enforcement:
"We are going to hold their feet to the fire," he said. "They have done everything that they said they were going to do. They actually completed their soybean purchases last week, their full allocation."
From Tariffs to Dialogue
Bessent described the current tone as a marked shift from earlier in the Trump administration, when steep tariffs and reciprocal Chinese measures pushed tensions to levels that resembled a near-trade embargo. He credited negotiated diplomacy, including his own efforts, with cooling the worst of those conflicts, while acknowledging that flare-ups have continued at times.
Comments on Greenland and Global Order
At Davos Bessent also responded to other geopolitical topics. He declined to confirm whether an announced NATO-Arctic framework would lead to U.S. ownership of Greenland: "I’m not going to get out ahead of the negotiations, but I think everyone is going to be satisfied with this. I think it will fortify NATO. I think it will suit the president’s objectives..." he said, referencing the administration’s strategic interest in Arctic defense.
Reaction to Mark Carney
When asked about former Bank of England Governor Mark Carney’s warning that the global rules-based order had become "fiction," Bessent replied sharply: "Prime Minister Carney should do what’s best for Canada. If he believes what’s best for Canada is to make speeches like that, which I don’t think is very helpful, then he should make speeches like that."
Overall, Bessent portrayed a cautiously optimistic U.S.-China trajectory for 2024: a series of high-level meetings that, if they occur, could encourage both sides to avoid destabilizing moves and focus on implementing commitments.
Help us improve.
