Wrapping up two days of U.S.-China trade talks in Stockholm, Bessent said he also expressed U.S. displeasure at China's continued purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered Moscow's war against Ukraine.

U.S. Treasury Secretary Scott Bessent on Tuesday (July 29) said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress,

"I think anyone who buys sanctioned Russian oil should be ready for this," U.S. Treasury Secretary Scott Bessent said.