Xi Jinping is in Southeast Asia to build bonds with countries that also face U.S. tariffs and have come under pressure from Washington to curb the transshipment of Chinese goods.

Levies could be cut by more than half in some cases although President Trump hasn’t yet made a final decision.

But in a private speech in Washington for JPMorgan Chase, Scott Bessent also cautioned that talks between the U.S. and China had yet to formally start.