"I'm optimistic. We are now communicating at (a) very high level," Bessent said at an event organized by CNBC. "There have been many outreaches."

Both sides are holding working-level talks as well on the sidelines of the International Monetary Fund and World Bank's annual meetings, Bessent added.

He also noted that US President Donald Trump still planned to meet with his Chinese counterpart Xi Jinping in the near future.

The leaders of the world's two biggest economies were expected to meet at the Asia-Pacific Economic Cooperation (APEC) summit starting later this month.

But Trump last week threatened to cancel the planned meeting with Xi after China unveiled fresh controls on the export of rare earth technologies and items.

Bessent maintained that "President Trump is a 'go' on that," stressing to CNBC that both leaders have "an excellent relationship."

On Tuesday, China said it was ready to "fight to the end" in a trade war with the United States.