US Treasury Secretary Scott Bessent will hold discussions with Chinese Vice Premier He Lifeng this weekend in New York. The meeting precedes a scheduled summit between President Donald Trump and President Xi Jinping next week. Bessent revealed the plans during testimony before the House Financial Services Committee, where he also defended the administration's economic agenda and revealed private conversations with Beijing.

The talks will focus on China's financial links to Tehran, coinciding with the Treasury's designation of Russia's second-largest lender, VTB Bank, under "Operation Economic Outcast" for moving billions in frozen Iranian assets. Bessent noted signals from the United Arab Emirates about cutting off Iranian funding, though he clashed with Democrats over bond yields and cash flows related to Venezuela.