U.S. Treasury Secretary Scott Bessent said Tuesday that China has been an unreliable global partner during the Middle East war by hoarding oil supplies and limiting exports of certain goods.

Bessent told reporters China’s actions mirror their behavior during the pandemic when they hoarded medical supplies. He said he has spoken with Chinese officials about the issue.

“China has been an unreliable global partner; they have strategic petroleum reserve of some 1.2-1.3 billion barrels,” Bessent said.

The Treasury Secretary said China has been hoarding oil and continuing to buy while cutting off exports of many products. He noted the biggest threat from China’s oil purchases is to Asian countries, not the U.S.

When asked whether the dispute would affect President Donald Trump’s planned visit to Beijing at the end of the month, Bessent avoided a direct answer but emphasized the strong working relationship between Trump and Chinese President Xi Jinping.

“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.”
Source: Investing.com