Treasury Secretary Scott Bessent will speak by phone on Friday with Chinese Vice Premier He Lifeng, a senior Trump administration official told CNBC.

Treasury Secretary Scott Bessent will speak by phone on Friday with Chinese Vice Premier He Lifeng, a senior Trump administration official told CNBC.

The two officials are set to meet in a bid to to forestall an escalation of U.S. tariffs on Chinese goods that President Donald Trump said was unsustainable.