Scott Bessent issues chilling warning to China after defying Trump and 'funding' 90 percent of Iran's energy ahead of high-stakes summit

By JON MICHAEL RAASCH, US POLITICAL REPORTER Published: 16:51, 4 May 2026 | Updated: 16:51, 4 May 2026 Treasury Secretary Scott Bessent sent a pointed warning to China, urging Beijing to use its diplomatic influence to help end the ongoing conflict in the Middle East. China purchases the majority of Iran's oil exports, a crucial financial lifeline that is keeping the Islamic Republic afloat, and it has recently ordered its companies to disregard US sanctions targeting the Middle Eastern country.  Responding to a New York Times report indicating that China is working to use the Middle East conflict to its advantage, Bessent said the nation is always seeking an edge over the US.  It comes ahead of a scheduled summit in Beijing next week between Trump and Chinese President Xi Jinping.  'China always seeks an advantage,' the Treasury Secretary told Fox News, downplaying that China has the upper hand in negotiations. 'They seek an advantage in everything. They seek an advantage in the seating chart.' Bessent, 63, is expected to travel with the President for a highly anticipated visit between the world's two largest economies.  The visit was previously supposed to occur in early April, but Trump delayed it because he wanted to stay in the US amid the war with Iran. The trip appears set to continue despite no formal end to the conflict.  The Treasury Secretary then called out China for funding Iran, noting how the nation is the 'largest state sponsor of terrorism.' Scott Bessent shared some harsh words for China ahead of President Trump's visit to Beijing next week, which the Treasury Secretary is expected to join Trump and Chinese President Xi Jinping met in Singapore in October 2025 'China, let's see them step up with some diplomacy and get the Iranians to open the Strait,' Bessent said. 'All I'll say is Iran is the largest state sponsor of terrorism and China has been buying 90 percent of their energy.' 'So they are funding the largest state sponsor of terrorism, but more importantly, the threat of attacks from Iran has closed the Strait. We are reopening it, so I would urge the Chinese to join us in supporting this international operation.' The Beijing visit scheduled for Thursday and Friday next week is expected to include bilateral discussions between Trump and Chinese President Xi Jinping. It is also expected to have some Chinese cultural events as well. Trump has repeatedly expressed a desire for China to get involved in winding down the Iran war, noting how China gets much of its oil from the Islamic Republic. He has also shared messages that the US and China are cooperating on reopening the Strait of Hormuz.  'President Xi is very happy that the Strait of Hormuz is open and/or rapidly opening,' the President wrote in mid-April. 'Our meeting in China will be a special one and, potentially, Historic.' 'I look forward to being with President Xi — Much will be accomplished!' Trump walks with Xi Jinping in Beijing on a state visit in 2017 Beijing recently instructed its companies to ignore US oil sanctions on Iran China ordered its companies on Saturday to ignore US sanctions, an act of defiance threatening to hurt banks running transactions between the two countries.  Beijing directed its companies not to follow US sanctions on private refiners linked to Iran's oil trade, Bloomberg reports.  China purchases around 80 percent of Iran's total exported oil, and the US sanctions have strained its companies' access to US economic markets.  The move comes a week after China exerted control over a Chinese AI company, Manus, that Meta sought to acquire.  After the $2 billion deal was finalized, the Chinese government scuttled the transaction, indicating a desire to defend its emerging AI tech.    Technology, tariffs and trade are expected to be discussed during the bilateral meetings next week.  In April, Trump noted that 'a gift from China' that was 'not very nice' was found on an Iranian ship.  'I was a little surprised but — because I have a very good relationship and I thought I had an understanding with President Xi,' he said in an interview with CNBC.  'But that’s all right. 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