US Treasury Secretary Scott Bessent said he met with his Chinese counterpart, Vice-Premier He Lifeng, on Monday on the sidelines of the World Economic Forum in Davos.

The two men have been the primary negotiators for the world’s two largest economies during a period of heightened trade tensions that saw tariff rates on each nation climb to well above 100 per cent.

Their meeting in Geneva last May was the beginning of a series that saw follow-on sessions in London, Stockholm, Madrid and Kuala Lumpur.

“I had a meeting with my Chinese counterpart here in Davos last night,” Bessent said on Fox Business in an interview on the main stage of the forum in Switzerland’s Alps. “They’ve done everything that they said they’re going to do.”

Bessent said China has made good on an agreement to buy US soybeans and that the two nations are looking forward to 25 million tons being bought in the coming year.

But he suggested the Chinese “buy a little more” because President Donald Trump always brings that up with Chinese President Xi Jinping when they meet.