Treasury Secretary Bessent Denies Trump China Visit Delay, Addresses Oil Supply Amid Iran Conflict

US Treasury Secretary Scott Bessent addressed swirling reports this week about potential delays in President Donald Trumps planned visit to China. According to CGTN on March 17, Bessent called media claims completely false that the delay stems from Trump demanding China help reopen the Strait of Hormuz amid the Iran conflict. He told CNBC that any rescheduling would be due to logistics, as the president prioritizes his role as commander-in-chief during Operation Epic Fury.

White House Press Secretary Karoline Leavitt echoed this on Monday, saying dates may move but Trump looks forward to the trip. Chinese Foreign Ministry spokesperson Lin Jian confirmed ongoing communications about the visit, while noting the Straits tensions disrupt global energy trade.

On the oil front, Bessent pushed back against CNBC reports of severe shortages during his Squawk Box appearance, as reported by Fox News. He highlighted Russian crude shipments, Iranian exports, and redirected flows from Saudi Arabia and the United Arab Emirates, estimating a global supply deficit of 10 to 14 million barrels per day. Bessent said the United States is fine with Iranian tankers passing through for now to keep world supplies steady, amid surging prices from the conflict. New Republic noted this allows Iran to profit by shipping oil mostly to China.

Bessent also predicted oil prices could drop significantly once the conflict eases, potentially back toward 80 dollars per barrel. These comments come as the Pentagon deploys more forces to the region, with the Strait blockade already costing the United States 11 billion dollars, per Bessent.

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