U.S. Treasury Secretary Scott Bessent is scheduled to meet with his Chinese counterpart on trade Oct. 17.
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Secretary Bessent will speak by phone with Chinese Vice Premier He Lifeng to discuss ongoing trade issues and the negotiation process between the U.S. and China, according to a statement from the administration of President Donald Trump.
News of the scheduled conversation signals some progress in the U.S.-China trade relationship, which has been in a quagmire over the past week after China announced new restrictions on rare earth mineral exports and Trump responded by threatening 100% tariffs on Chinese imports starting Nov. 1.
Trade Turbulence
Trump has also been trying to de-escalate trade tensions with China in recent days, saying in a media interview “I think we’re going to do fine with China.” The president added that he still plans to meet Chinese President Xi Jinping “in a couple of weeks” when they are both in South Korea.
For his part, Treasury Secretary Bessent said at a recent conference that there is a “very good chance” that he will travel to Asia to meet with Chinese Vice Premier He before Trump’s upcoming trip. Bessent also praised He as someone he has “great respect for.” The de-escalation comes as fears of an all-out trade war between the U.S. and China rattle global financial markets.
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