U.S. Treasury Secretary Scott Bessent said on Tuesday that China has behaved as an unreliable partner in the wake of the Middle East war by building up oil stocks and restricting shipments of certain goods. Bessent told reporters he has discussed the matter with Chinese officials and compared Beijing’s conduct to actions taken during the pandemic.
"China has been an unreliable global partner; they have strategic petroleum reserve of some 1.2-1.3 billion barrels," Bessent said, noting the scale of those holdings. He added that China has continued to buy crude while reducing exports of many products.
Bessent emphasized that the most direct consequence of China’s recent oil purchases is felt in Asia rather than in the United States. He said the purchases and export curbs mirror the pattern of hoarding of medical supplies seen earlier in the pandemic, and he indicated that the issue has been raised in talks with Chinese counterparts.
When asked if the disagreement could complicate a planned presidential trip to Beijing at the end of the month, Bessent did not give a direct yes-or-no answer. Instead, he highlighted the working relationship between President Donald Trump and Chinese President Xi Jinping and framed the upcoming visit around continuity and clear communication.
"I think the message for the visit is stability. We’ve had great stability in the relationship since last summer; that emanates from the top down," Bessent said. "I think that communication is the key."
The Treasury Secretary’s remarks link Beijing’s current trade and purchasing behavior to broader concerns about the reliability of global supply chains during periods of geopolitical stress. His statements draw a direct line between China’s strategic reserves and potential impacts on regional markets, while stopping short of suggesting immediate policy responses tied to the planned diplomatic engagement.
Reporting note: The account above reflects statements made by the Treasury Secretary in public remarks and his answers to reporters. Specific data cited were provided by the official during those remarks.