Treasury Secretary Scott Bessent said China’s dependence on Iranian and Russian oil is a key issue in upcoming trade talks.

The Trump administration is more concerned with the quality of trade agreements rather than their timing, U.S. Treasury Secretary Scott Bessent said on Monday ahead of an Aug. 1 deadline for securing a trade deal or facing steep tariffs.

Treasury Secretary Scott Bessent said the next round of US-China talks could include a discussion of China’s purchases of Russian and Iranian oil, a signal that the focus could shift from more traditional trade issues to ones that cross over into matters of national security.

US Treasury Secretary Scott Bessent said the US is in no rush to forge deals for the sake of making deals. He added that the US is more interested in ensuring quality trade agreements even as August 1 tariff deadline looms for most countries.

China’s exports of rare-earth magnets increased nearly threefold in June from the previous month, after the country lifted some export controls on the critical industrial inputs following a deal with the U.

Under a 2014 deal, called the Enhanced Defence Cooperation Agreement, or EDCA, the U.S. military has access to Philippine bases and sites for joint training and for facilities such as runways, fuel storage and troop housing. The agreement was expanded in 2023 to allow the United States access to nine locations, up from five before.

In April, a WTO panel rejected the EU's complaint, lodged in 2022, that China had violated the global watchdog's IP rules over patents for 3G, 4G and 5G mobile technology. However, it did say that China had failed to comply with all WTO transparency obligations.

China's Ministry of State Security says it is cracking down on alleged smuggling of rare earths materials that it says threaten national security.

The European Union was put on notice that Beijing plans to retaliate against the bloc’s newest sanctions. China’s Ministry of Commerce said that last week’s EU penalties against two banks and five companies seriously harmed trade, economic and financial ties.

China wants to bring its trade ties with the U.S. back to a stable footing, its commerce minister said, adding that recent talks in Europe showed there was no need for a tariff war while urging the U.