U.S.-China trade relations have stabilized, Treasury Secretary Scott Bessent said Thursday, with the two economic powers now operating in a “very good equilibrium.”

Presidents Donald Trump and Xi Jinping could meet as many as four times this year to keep tensions in check, Bessent said during an interview with Politico at the World Economic Forum in Davos.

Bessent said he recently met with Chinese Vice Premier He Lifeng, who reaffirmed Beijing’s commitment to carrying out the trade agreement negotiated by Trump and Xi.

“We are going to hold their feet to the fire,” Bessent said. “But they have done everything that they said they were going to do.”

As an example, Bessent pointed to China’s completion of its latest soybean purchase commitments, a key provision of the deal aimed at supporting U.S. farmers

Bessent noted that President Trump has encouraged Beijing to go further.

“Just like President Trump, I urge them to do more,” Bessent said, adding that additional purchases would be a goodwill gesture rather than a requirement.

The current tone marks a sharp contrast with the early phase of Trump’s second term in office, when the administration imposed steep tariffs on Chinese imports, prompting retaliation from Beijing and pushing trade barriers to near-embargo levels.

Bessent played a central role in brokering the agreement that eased tensions, though flare-ups have continued intermittently.

He said the prospect of multiple Trump–Xi meetings this year creates strong incentives on both sides to maintain stability.

Among the possible meetings: a Trump visit to Beijing this spring, a potential summer meeting in the U.S., the G20 summit in Miami, and possibly the Asia-Pacific Economic Cooperation forum in China.

“If we have this series of meetings to move toward, then no one really wants to upset anything,” Bessent said.