Beijing-US-China trade negotiations are "a bit stagnant" and require leaders of both countries to speak directly.

"I believe we will have more negotiations with them in the next few weeks," he said, adding that there may be a call between the leaders of the two countries.

Bessent helped two of the world's largest economies to reach a breakthrough deal in Switzerland on May 12 after trade tensions escalated rapidly last month. These countries agreed to withdraw the most recent tariff increase by more than 100% by 90 days or until mid-August. Diplomatic officials from both sides made a phone call late last week.

Still, the U.S. is still irritating its technological restrictions on Beijing, and China has not yet greatly relaxed its restrictions on rare earths, contrary to what Washington expects.

“I think that would require both leaders to weigh each other, given the complexity,” Bessent said. “They have a good relationship and I have confidence that when President (Donald) Trump announces (preferences), the Chinese will come to the table.”

Trump and Chinese President Xi Jinping last spoke in January just before the sworn in office for the second term of the U.S. president. Although Trump said in recent weeks he wanted to talk to XI, analysts hope China agrees that the United States will not be surprised only if it is confirmed during the call.

China has been communicating with the United States since the Swiss agreement, and Chinese Ministry of Commerce spokesman Yang Qian told reporters regularly on Thursday.

But with regard to CHIP export control, she said: "China once again urged the United States to correct its wrong approach immediately ... and jointly uphold the consensus reached in the high-level talks in Geneva."

This is based on CNBC's translation of her Mandarin speech.

When asked whether China would suspend the rare earth export control measures announced in early April, he did not respond directly. She said the restrictions on items that may have military and civilian applications reflect international practice and China's position of "maintaining world peace and regional stability."

This week, the Trump administration also announced that it would begin revoking visas for Chinese students.

"The decision of the United States to revoke Chinese student visas is completely unreasonable," according to the official English transcript. "It uses ideology and national security as an excuse."