The meeting with Wang Yi in Beijing, at China's invitation, is Zarif's first stop on a diplomatic tour after President Donald Trump withdrew from the 2015 deal to limit Iran's nuclear program and threatened to reimpose the "highest level" of financial sanctions on the Islamic Republic.
China has maintained investment and trade relations with Iran, even under the economic sanctions from Western nations before the nuclear deal.
However, Washington's decision to pull out of the global nuclear deal and its threat to reimpose sanctions on firms doing business in Iran has cast fresh doubt over this new trade.
President Hassan Rouhani said he hoped Iran could stay in the agreement.
He will also meet with the foreign ministers of Germany, France and the United Kingdom in Brussels on Tuesday to discuss the future of the deal. Boeing, which signed a contract to supply new planes to Iran's aging aircraft fleet, stands to lose around $20 billion now that the United States is reimposing sanctions.
So far, China, France, Russia, Britain, the European Union and Iran remain in the accord, which placed controls on Iran's nuclear program and led to a relaxation of United States economic sanctions against Iran and companies doing business there.
In the past week, it has slapped a new series of sanctions against Iran.
"It's possible. It depends on the conduct of other governments", Bolton said on CNN's "State of the Union".
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"This agreement remains important for our shared security", a joint statement signed by French President Emmanuel Macron, German Chancellor Angela Merkel and UK Prime Minister Theresa May said on Tuesday.
Trump on May 8 announced his intention to withdraw from the Iran nuclear deal, calling the multilateral pact "defective at its core" and unable to fully prevent Iran from obtaining a nuclear weapon.
But the reach of the U.S. financial system, the dominance of the USA dollar, Trump's efforts to weaken the WTO and the presence of European companies' operations in the United States all weaken any potential EU measures.
"The consequences of American sanctions go well beyond goods shipped by American companies, " Bolton said.
"Let's not fool ourselves that are that dozens of things we can do", said a second senior European diplomat.
A number of European companies, including Airbus, Siemens and Total, had established operations in Iran since the signing of the deal.
Trump's move to ditch the nuclear deal has infuriated Washington's allies in Europe as well as China and Russian Federation.
Trump denounced the accord, completed under his predecessor Barack Obama, as a "horrible, one-sided deal that should have never, ever been made" as it did not cover Iran's ballistic missile programme or its role in Middle East conflicts.