Expressing confidence about progress in trade discussions with China, US Treasury Secretary Scott Bessent on Wednesday said President Donald Trump plans to meet Chinese President Xi Jinping, amid rising tensions over Beijing’s restrictions on rare earth exports.
While speaking at an event hosted by CNBC, Bessent confirmed that US President Donald Trump still plans to meet Chinese President Xi Jinping “in the near future,” and they are likely to meet at the upcoming Asia-Pacific Economic Cooperation (APEC) summit later this month.
Despite recent strains in bilateral relations, Bessent maintained that “President Trump is a ‘go’ on that,” emphasising to CNBC that both leaders share “an excellent relationship.”
Earlier in the event, Bessent said he was “optimistic” about the ongoing talks with Beijing, noting that “we are now communicating at a very high level” and that “there have been many outreaches.”
He added that both sides were also holding working-level discussions on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings.
Bessent’s remarks came against the backdrop of renewed trade friction. Last week, Trump had threatened to cancel the meeting with Xi after China announced new export controls on rare earth materials and technologies vital to US industries.
The move, widely seen as a countermeasure, prompted the White House to escalate its trade stance further.
Trump later unveiled a sweeping new tariff package, announcing an additional 100% duty on Chinese imports, bringing the total tariff burden on goods from China to 130%.
In a post on Truth Social, he said, “In response to China’s export control on rare earths and related items, the United States will impose a tariff of 100 per cent on China, over and above any tariff that they are currently paying.”
He also revealed that the US would implement “export controls on all critical software” starting November 1, accusing Beijing of adopting an “unprecedented and hostile” position in trade relations.
(With ANI Inputs)
