There is a “high probability” that US President Donald Trump and Chinese leader Xi Jinping will meet this year, US Secretary of State Marco Rubio said Friday.

Rubio met Chinese Foreign Minister Wang Yi in Kuala Lumpur on Friday, marking the first in-person meeting between the top diplomats of the two countries as they work to navigate ongoing trade tensions and geopolitical competition in Asia.

US Secretary of State Marco Rubio began a meeting with his Chinese counterpart at a summit in Malaysia on Friday, the first in-person session between the two and a possible prelude to a presidential summit.

By Andrea ShalalWASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent will skip a Group of 20 finance officials meeting in South Africa next week, sources familiar with his plans told Reuters, but will attend the World Expo 2025 in Osaka,

U.S. Treasury Secretary Scott Bessent will skip a Group of 20 finance ministers and central bank governors meeting in South Africa next week, sources familiar with his plans told Reuters, marking the second time this year he has opted against attending a G20 meeting in the host country.

Marco Rubio is making his first trip to Asia as the top US diplomat, heading to a summit in Malaysia a day after President Donald Trump again threatened to slam the region with high tariffs.

The Trump administration will focus on finding a replacement for Federal Reserve Chairman Jerome Powell this fall, Treasury Secretary Scott Bessent told CNBC on Thursday, adding that officials had “a lot of good candidates.

"But Rubio has emerged, with Scott Bessent, as one of the two stars of the Cabinet in terms of having the most influence and being the most effective communicators for Trump and his agenda."

After talks with Chinese Foreign Minister Wang Yi, US Secretary of State says odds are high for a Xi-Trump meeting as both sides want to see it happen.