The most recent development in U.S.-China relations highlights a cautiously optimistic outlook from U.S. Treasury Secretary Scott Bessent, who stated that the relationship could be 'very productive,' despite ongoing rivalries. Speaking at the BTG Pactual CEO Conference in Sao Paolo, Brazil, Bessent emphasized the importance of maintaining a 'fair rivalry' and expressed a desire not to 'decouple from China, but we do need to de-risk.' This sentiment comes ahead of planned high-level meetings, including a visit by U.S. President Donald Trump to China in April, and a meeting between Bessent and Chinese Vice Premier He Lifeng. Bessent also noted that China is on track to meet its commitments under a U.S.-China trade agreement, including the purchase of 12 million metric tons of U.S. soybeans by the end of February, as reported by Business Recorder and MarketScreener.