President Donald Trump says a trip to China may happen soon, hinting at efforts to stabilize U.S.-China trade relations.

Under a 2014 deal, called the Enhanced Defence Cooperation Agreement, or EDCA, the U.S. military has access to Philippine bases and sites for joint training and for facilities such as runways, fuel storage and troop housing. The agreement was expanded in 2023 to allow the United States access to nine locations, up from five before.

President Donald Trump hosted Philippine President Ferdinand “Bongbong” Marcos Jr. at the White House on Tuesday to discuss security in the Indo-Pacific and possibly hammer out a trade deal between the United States and its oldest regional military ally.

The State Department said that officials are actively engaged with their Chinese counterparts to resolve the situation swiftly.

An Atlanta-based banker working for Wells Fargo has been prevented from leaving China, the latest incident that threatens to amplify concerns among Western executives about the potential consequences of visiting the world’s second-biggest economy.

US Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks aimed at extending a tariff truce and widening the discussions.

U.S. Treasury Secretary Scott Bessent said on Tuesday that he will meet his Chinese counterpart next week in Stockholm and discuss what is likely to be an extension of an August 12 deadline for a deal to avert sharply higher tariffs.