US Treasury Secretary Scott Bessent said on Friday that he was expecting to meet Chinese Vice Premier He Lifeng in Malaysia in the coming week.
Asked whether a 157% cumulative tariff rate on Chinese goods was sustainable, Trump defended his decision while seemingly acknowledging its likely effect on the US economy.
Last week, China expanded its export controls on the critical rare earths industry.
Beijing’s move prompted Trump to threaten 100 percent tariffs on imports from the Asian economic giant in retaliation.
Earlier in the week, Bessent and Greer criticized China’s restrictions, calling the decision a threat to global supply chains.
In an effort to prevent another brutal trade war between the two largest economies in the world, China and the US will hold fresh trade negotiations next week. President Donald Trump has referred to US tariffs on Chinese goods as unsustainable.
Chinese Vice Premier He Lifeng is scheduled to visit Malaysia next week, US Treasury Secretary Scott Bessent stated on Friday.
What was said by Trump?
Trump said he would meet Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit, which is scheduled to take place in South Korea in November, according to excerpts of an interview that the US broadcaster Fox Business showed on Friday.
In response to a question about the sustainability of a cumulative tariff rate of 157 percent on Chinese goods, Trump defended his choice while apparently acknowledging the impact it would likely have on the US economy.
“The number is that, but it’s not sustainable. That’s what they made me do,” he said.
Chinese export restrictions on the vital rare earths sector were widened last week.
In retaliation for Beijing’s action, Trump threatened to impose 100% tariffs on imports from the Asian powerhouse.
Bessent and Greer attacked China’s restrictions earlier this week, saying the move threatened global supply chains.
China is in control of rare-earth elements, which are essential for the production of technology.
Trump has additionally threatened to impose new export restrictions from the United States that would stop the supply of “any and all critical software.”. “..”.
China and the United States trade disputes in Malaysia.
Bessent and He had “candid, in-depth and constructive exchanges” during a video call on Saturday morning, according to Chinese state media Xinhua. A new round of trade negotiations was agreed to “as soon as possible” by both parties, the report added. “..”.
According to Xinhua, US Trade Representative Jamieson Greer also participated in the call.
Bessent stated on social media site X that the conversation was “frank and detailed” and that the two high-ranking officials would “continue” their talks by meeting “in-person next week.”.
The two met in four European cities over the past six months to negotiate a tariff truce that reduced duties from a crippling triple-digit threshold for each nation.
November 10 is the expiration date of the agreement.
Inayatullah Saim Dušan edited it.
