AsianFin -- U.S. Treasury Secretary Scott Bessent on Monday pushed back against China's commerce minister for dismissing President Donald Trump's tariffs as a "joke," while expressing optimism about the potential for a major trade agreement with Beijing—one that he said must differ fundamentally from previous deals.

Speaking to Bloomberg Television during a visit to Argentina, Bessent emphasized that any meaningful progress would require direct involvement from both Trump and Chinese President Xi Jinping.

"These are not a joke. I mean these are big numbers," Bessent said, referring to the sweeping U.S. tariffs on Chinese goods. "I think no one thinks they're sustainable, wants them to remain here, but it's far from a joke."