Scott Bessent Flags ‘30-30-30’ Trade Deal Ahead Of Trump-Xi Meeting: Tariffs, AI, Rare Earths, Iran In Focus

In an interview with CNBC, Bessent said the framework could involve moving tariffs on certain non-critical goods toward “most-favored-nation” levels.

• Bessent said tariffs were “a focal point” in his talks with Chinese Vice Premier He Lifeng.
• He added that the U.S. and China have formalized a new AI dialogue and plan to meet again in Shenzhen in about two months.
• Bessent also said Chinese financial authorities have been engaged in U.S. efforts to pressure Iran through sanctions.

Treasury Secretary Scott Bessent said on Monday that the U.S. and China are working to operationalize a proposed “30-30-30” trade framework for non-critical goods, putting tariffs, rare earths and artificial intelligence at the center of President Donald Trump and Chinese President Xi Jinping’s upcoming meeting in Washington on Thursday.

“In Beijing this notion of what we call a 30-30-30 trade deal for non-critical goods was floated, and U.S. Trade Representative Jameson Greer has operationalized that,” Bessent said in a CNBC interview. 

For Washington, that could mean “selling more agriculture, selling more energy,” while China could gain greater access to the U.S. market for “everyday items.”

He said tariffs were a “focal point” in his discussions with Chinese Vice Premier He Lifeng ahead of the Trump-Xi meeting, while rare earths and other outstanding trade commitments also remain on the agenda.

Trump-Xi Ties Seen Supporting Trade Talks

Bessent stated the personal relationship between Trump and Xi as an important factor in keeping negotiations moving. “Presidents Trump and Xi Jinping, at the personal level, have a very good relationship and we try to bring that down to the working level,” he said.

“They both have great respect for each other,” Bessent added, saying the relationship has brought “great stability” to U.S.-China ties since last fall.

AI Talks Move Beyond Competition

Bessent said the two sides have formalized a U.S.-China AI dialogue and agreed to meet again, probably in about two months in Shenzhen. “We want to open a communications line, an incident line, so that we have constant communications, especially in the event of some kind of an incident,” he said.

The sides also want to develop protocols around AI risks including “uncontrollable agents,” cyber threats involving non-state actors and potential AI-related biological risks.

Bessent added that China acknowledged that “the U.S. remains in the lead” in AI, while warning that the next phase of the AI race needs to focus not only on pushing capabilities but also on resilience and defense. “The kind of all hands on deck is the other side of the equation now on defense,” he said.

Iran Adds Another Geopolitical Layer

Bessent also said he discussed Iran with Chinese officials, including Governor Pan Gongsheng of the People's Bank of China. He said Washington has been pressuring Iran through sanctions targeting aviation, maritime activity, crypto and gold, while working to cut off financial enablers around the world.

“The Chinese financial authorities ... have been very engaged in the process,” Bessent said.

For markets, the immediate focus will likely remain on whether Trump and Xi can preserve the trade truce, address outstanding rare-earth commitments and turn the proposed “30-30-30” framework into concrete tariff and trade measures. 

U.S. equities gained in pre-market trade on Monday. The SPDR S&P 500 ETF (SPY) was up 0.64%, the SPDR Dow Jones Industrial Average ETF (DIA) rose 0.87%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) climbed over 1%. Retail sentiment around SPY on Stocktwits improved to ‘neutral’ from ‘bearish’ territory over the past day.

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