WATCH: Bessent testifies on Treasury Department priorities after U.S.-China trade talks

Senior U.S. and Chinese negotiators have agreed on a framework to get their trade negotiations back on track after a series of disputes that threatened to derail them, both sides have said.

Watch Treasury Secretary Scott Bessent’s testimony before the House Ways and Means committee in the player above.

The framework emerged late Tuesday in London after intense talks involving U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Rep. Jamieson Greer. Leading the Chinese delegation was Vice Premier He Lifeng.

READ MORE: Trump says U.S. will get rare earth minerals from China and tariffs on Chinese goods will total 55% under new trade framework

Testifying in front of the House Ways and Means committee Wednesday, Bessent was also asked about Trump’s stated desire to punish Harvard University and other nonprofit organizations by directing the IRS to revoke their tax-exempt status.

Federal law prohibits the executive branch from exerting influence over taxpayer audits and other investigations.

Bessent told lawmakers: “The president and I have never had a conversation about Harvard’s tax status.”

Asked whether he would commit to report back to the committee in 30 days as to whether he’d been directed by the executive branch to launch audits of any taxpayers, Bessent said “that is without question that I will follow the law.”