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.

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.