Following four rounds of bilateral trade negotiations, the next discussions are the most recent attempts to strike a mutually beneficial agreement.
Next week is probably going to be the next round of US-China trade negotiations, with Vice Premier He Lifeng and Treasury Secretary Scott Bessent tasked with discussing new, more aggressive measures between the two biggest economies in the world.
At a White House event, Bessent said that he would talk with He on Friday night at around 8:30 or 9:00 p.m. New York time. The Treasury head went on to say, “He and I, together with a group, will meet in Malaysia — probably a week from tomorrow, to arrange for the two presidents to meet.”
President Donald Trump threatened to significantly raise tariffs, but Bessent’s remarks followed his hope that negotiations with Chinese officials may result in an accord to calm the situation. When combined, the statements showed that Washington was attempting to allay concerns about a full-scale trade war with Beijing that may have a devastating impact on the world economy.
We are doing well, in my opinion. Trump said, “I believe we are getting along with China.” On the margins of the Asia-Pacific Economic Cooperation leaders conference this month in South Korea, the US president also said he thought his scheduled meeting with Chinese President Xi Jinping will proceed.
A week earlier, Trump, furious at his government’s promise to impose extensive limits on vital rare-earth elements, had hinted at the possibility of calling off his first face-to-face meeting with Xi since he returned to the White House. Additionally, he announced a 100% import tariff on Chinese products that will go into force on November 1. However, in a snippet of an interview with Fox Business on Friday, Trump described the reinstatement of exorbitant tariffs as “not sustainable.”
The United States and China reached a ceasefire earlier this year, wherein Beijing promised to restore the supply of rare-earth magnets and Washington halted 145% tariffs on Chinese imports. The expiration date of such agreement is November.
Following four rounds of bilateral trade negotiations, the next discussions are the most recent attempts to strike a mutually beneficial agreement. He had already bargained with Bessent in Madrid, Stockholm, London, and Geneva. Next week, the capital of Malaysia, Kuala Lumpur, will host a summit of the Association of Southeast Asian Nations, along with several other international leaders.
“I believe the situation has de-escalated,” Bessent said on Friday. “We hope China would treat them with the same deference that we have. And I have no doubt that President Trump will be able to turn things around because of his friendship with President Xi.