Trump-Xi meeting still on despite trade tensions, says US’s Bessent

The caput of the US Treasury says President Trump whitethorn telephone disconnected his 100 percent tariff menace connected China arsenic negotiations continue.

Plans for United States President Donald Trump to conscionable his Chinese counterpart Xi Jinping successful South Korea successful precocious October stay intact, contempt resurgent commercialized tensions betwixt the 2 countries, US Treasury Secretary Scott Bessent says.

Speaking to Fox Business Network connected Monday, Bessent said the US and China had “substantially de-escalated” aft a bid of tit-for-tat commercialized moves that threatened to strain relations and trigger a caller commercialized warfare betwixt Washington and Beijing.

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The comments came aft Trump, angered by China’s October 9 determination to grow export controls connected cardinal uncommon world minerals, announced an further 100 percent tariff connected Chinese goods acceptable to instrumentality effect connected November 1.

But determination person since been “substantial communications” betwixt the 2 sides, with further staff-level meetings expected this week, said Bessent.

“The relationship, contempt this announcement past week, is good. Lines of connection person reopened, truthful we’ll spot wherever it goes,” said Bessent, adding that the “100 percent tariff does not person to happen” if the 2 sides enactment retired their disagreements successful negotiations.

He added that helium expected a planned gathering betwixt Trump and Xi astatine the Asia-Pacific Economic Cooperation (APEC) forum successful South Korea successful precocious October to spell ahead. “He [Trump] volition beryllium gathering with [Communist] Party Chair Xi successful Korea,” said Bessent. “I judge that gathering volition inactive beryllium on.”

Bessent stressed that Trump and Xi person “a precise bully relationship” and suggested that Beijing’s latest argumentation connected uncommon world elements could person originated from a lower-level authoritative alternatively than Xi himself.

The comments echo Trump’s seemingly conciliatory connection the time before, successful which helium assured “all volition beryllium fine” with US-China relations.

“Don’t interest astir China, it volition each beryllium fine!” Trump wrote successful a station connected Truth Social. “Highly respected President Xi conscionable had a atrocious moment. He doesn’t privation Depression for his country, and neither bash I. The USA wants to assistance China, not wounded it!!!”

The softer code soothed a jittery Wall Street and sparked a beardown rebound successful US stocks astatine the commencement of trading successful New York connected Monday, aft Trump’s tariff announcement connected Friday sparked a large sell-off.

‘Pointed a bazooka’

Despite the evident rapprochement, Bessent slammed China’s caller export controls arsenic provocative and said the US pushed backmost aggressively.

“They person pointed a bazooka astatine the proviso chains and the concern basal of the full escaped world,” said Bessent. “And, you know, we’re not going to person it. China is simply a bid and power economy. They are neither going to bid [nor] power us.”

He added that the US has been successful interaction with allies and expects enactment from the Europeans, India and allies successful Asia.

China has defended its caller export curbs, which necessitate overseas companies to get Beijing’s support to export products containing Chinese uncommon world elements, and to disclose their intended use.

China’s Ministry of Commerce said the heightened restrictions were introduced successful effect to a bid of US measures since the 2 countries’ commercialized talks held successful Madrid, Spain past month, including Washington’s determination to blacklist Chinese firms and enforce larboard fees connected China-linked ships.

Beijing accused Washington of “provocative and damaging” actions and called Trump’s tariff menace a “typical illustration of treble standards”.

China has a adjacent monopoly implicit uncommon world minerals, captious for the manufacture of exertion specified arsenic electrical cars, smartphones, semiconductors and weapons.

The US is simply a large user of Chinese uncommon earths, which are important for the US defence industry.