US Treasury chief expresses 'serious concerns' in call with China

China's Vice Premier He Lifeng expressed concerns over US tariffs and trade restrictions on China during a video call with US Treasury Secretary Scott Bessent on Friday, Chinese state media reported.

 

The two sides had an "in-depth" exchange of views on important issues in China-U.S. economic relations, and both agreed to keep communicating on matters of mutual concern, according to a readout released by state media. 

He, the lead China-US trade negotiator on the Chinese side, and Bessent recognised the importance of bilateral economic and trade relations, the readout added. 

Friday's call came as China and the US seek to manage their relationship as the world's two largest economies stand on the precipice of a renewed trade war. 

U.S. President Donald Trump imposed 10% tariffs on all Chinese goods in early February, citing China's failure to stanch fentanyl trafficking. 

Beijing retaliated by imposing targeted tariffs of up to 15% on some US imports and put several companies, including Google, on notice for possible sanctions. 

Trump has also planned further reciprocal tariffs for all countries that tax US imports, a move that is likely to further escalate global trade tensions. 

Trump said earlier this week he expected Chinese President Xi Jinping to visit the US, without giving a timeline for his trip. 

U.S. Treasury Secretary Scott Bessent expressed serious concerns about China's "unfair policies" in a call with Chinese Vice Premier He Lifeng on Friday, the Treasury Department said in a statement. 

Bessent raised concerns about China's counternarcotics efforts and economic imbalance, and stressed the Trump administration's commitment to trade and economic policies that protect the United States, the department added.