Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

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.

CNBC’s Eamon Javers sits down for an exclusive interview with Treasury Secretary Scott Bessent to discuss the possibility of a Trump–Xi Jinping meeting, China’s purchases of Iranian oil, and more.