What to expect from Friday’s call between US Treasury’s Bessent and Vice-Premier He

China has confirmed that a high-level meeting will occur between Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent on Friday, amid ongoing trade tensions between the two economic giants.

The video call, scheduled for Friday night China time, aims to address key economic issues and foster communication on important matters in the bilateral trade relationship, according to Ministry of Foreign Affairs spokesman Guo Jiakun.

Taking place during a touch-and-go trade war, the call would mark Bessent’s first chat with a high-level Chinese official. As vice-premier of China’s State Council, He Lifeng is a leading official overseeing economic and financial policy. He also serves as Beijing’s lead person for China-US economic and trade affairs.

The meeting is likely to revolve around the China-US trade balance, according to Guo Hai, a researcher with the Institute of Public Policy at the South China University of Technology.

“I think they could possibly reach some consensus, as China still hopes to maintain stable China-US relations,” he said. “Bessent would likely want to see the renminbi appreciate to help balance trade between the two countries. But the main challenge lies within the US itself, as it is difficult for the US to maintain the dollar’s status as the global reserve currency while pursuing a weaker dollar policy.”

He also noted that discussions may include a new China-US trade agreement.