Bessent: US, China could have very productive relationship

US Treasury Secretary Scott Bessent has welcomed Beijing as a fair rival and pointed out Washington is unwilling to decouple, but does need to de-risk.

He also signalled the US is working to "retake sovereignty" from China in strategic industries including critical minerals, semiconductors and medicines.

Bessent made the remarks during an appearance at the BTG Pactual CEO Conference on Tuesday.

He said their bilateral ties are currently in a "very comfortable place" and expressed optimism about the potential for a "productive relationship" with Beijing.

He added China would need to rebalance its economic structure in the long run, saying the world cannot have a situation where China persistently runs a trade surplus of 1 trillion US dollars.

Preparations are underway for prospective meetings between Bessent and Chinese Vice Premier He Lifeng in the coming weeks ahead of US leader Donald Trump's planned visit to China in April, the exact dates of which are yet to be determined.