US advocates for a more balanced trade relationship with China ahead of leaders' meeting

U.S. Treasury Secretary Scott Bessent emphasized the need for a more balanced trade relationship with China, citing excessive American dependence on imports. Speaking at a gala in New York, he described U.S.-China relations as crucial and highlighted the genuine friendship between Presidents Trump and Xi Jinping. Bessent argued that both nations must adjust their economic dependencies, with the U.S. needing to produce more and China to consume more. Chinese Ambassador Xie Feng echoed the call for reciprocity, warning that cooperation benefits both countries while confrontation does not. These remarks come amid ongoing trade tensions, with a significant meeting between Trump and Xi planned at the upcoming APEC summit.