US President Donald Trump has imposed fresh tariffs on allies and competitors alike this year, and Washington and Beijing in April rapidly hiked duties on each other's goods in a tit-for-tat escalation.

But after high level talks in Geneva and London, the world's two biggest economies temporarily lowered tariff levels until mid-August while discussions continued.

"I think trade is in a good place," Bessent told CNBC in an interview. "And I think now we can start talking about other things."

"The Chinese unfortunately, are very large purchasers of sanctioned Iranian oil, sanctioned Russian oil. So we could start discussing that," he said.

China's position as the main buyer of Iranian oil has served as a key lifeline for Tehran as its economy is battered by international sanctions.

The world's second biggest economy is also a key purchaser of Russian energy.

Bessent on Monday threatened US action against those who buy Russian oil, pointing to a strategy in which "any country who buys sanctioned Russian oil is going to be subject to up to 100 percent secondary tariffs."

This suggests that Washington might impose heavy duties on countries it finds to be buying such Russian energy exports.

"I would urge our European allies, who have talked a big game, to follow us if we implement these secondary tariffs," Bessent said.

Trump, who has expressed mounting frustration with President Vladimir Putin, last week gave the Russian leader a 50-day ultimatum to strike a peace deal with Ukraine or face massive economic sanctions.