Treasury Secretary Scott Bessent on Thursday expressed confidence that the U.S. and China are on the way to trade pact as a key tariff deadline nears. “I believe that we have the makings of a deal,” Bessent said during an interview on CNBC’s “Squawk Box.

Wrapping up two days of US-China trade talks in Stockholm, Bessent said he also expressed US displeasure at China's continued purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered Moscow's war against Ukraine.

U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.