US Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifent in Malaysia next week to try to make progrses on trade.

“We will meet in-person next week to continue our discussions,” Bessent wrote, after saying they had spoken on the phone Friday and engaged in detailed discussions. Trump will also travel next week to Hungary to meet with Vladimir Putin.

Trump has repeatedly signaled that ‘China will be fine’ on trade and that’s led to a relatively sanguine markets, despite his threat of a 100% tariff.