WASHINGTON: US Treasury Secretary Scott Bessent said on Friday (Oct 17) that he expects to satisfy Chinese language Vice Premier He Lifeng subsequent week to organize for an upcoming summit between US President Donald Trump and Chinese language President Xi Jinping, as tensions rise over Beijing’s new export curbs on uncommon earths.
Bessent mentioned the 2 would first converse by cellphone in a while Friday earlier than assembly in Malaysia subsequent week to put the groundwork for the presidential talks.
His feedback got here after Trump threatened to impose a 100 per cent tariff on Chinese language imports and to cancel talks following Beijing’s announcement of tightened export controls on uncommon earth minerals. The transfer drew swift condemnation from Washington, which accused Beijing of weaponising commerce.
TRADE TENSIONS AND DIPLOMATIC PRESSURE
Bessent advised reporters on the White Home that he believed “issues have de-escalated” between Washington and Beijing and that preparations for a face-to-face assembly had been again on monitor.
Trump later confirmed in an interview with Fox Information that he would meet Xi on the Asia-Pacific Financial Cooperation (APEC) summit, regardless of his earlier menace to withdraw.
The renewed engagement follows weeks of heightened commerce friction, with the Group of Seven (G7) finance ministers vowing to coordinate their response to China’s export restrictions.
“Diversifying suppliers will take time, as China controls the overwhelming majority of uncommon earth provides,” mentioned EU economic system commissioner Valdis Dombrovskis, after the G7 met in Washington this week.
German Finance Minister Lars Klingbeil mentioned he hoped the Trump-Xi assembly would assist resolve “a lot of the US-China commerce battle,” including that the G7 nations stood united in opposing China’s method.
