Bessent urges US, China to ‘de-risk, not decouple’ as Xie points to ‘red lines’

US Treasury Secretary Scott Bessent called for a more balanced trade relationship with China, with the objective to “de-risk, not decouple”, as Chinese ambassador Xie Feng spoke of adhering to “red lines” at an event in New York on Tuesday.“Trade must advance the interests of both parties without diminishing the sovereignty of either,” said Bessent, while emphasising that US-China ties were defined by the relationship between their leaders, who are due to meet next week for a summit.“That friendship has brought unprecedented direct engagement between the leaders of our two nations, which I try to extend to the working level,” he added.