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US Treasury Secretary Scott Bessent on Wednesday expressed confidence about progress in trade discussions with China, even as tensions between the two sides deepened over Beijing's restrictions on rare earth exports.
Bessent, speaking at an event hosted by CNBC, confirmed that US President Donald Trump still planned to meet Chinese President Xi Jinping "in the near future," with the meeting expected to take place at the upcoming Asia-Pacific Economic Cooperation (APEC) summit later this month. Despite recent strains in bilateral relations, Bessent maintained that "President Trump is a 'go' on that," emphasising to CNBC that both leaders share "an excellent relationship." Earlier in the event, Bessent said he was "optimistic" about the ongoing talks with Beijing, noting that "we are now communicating at a very high level" and that "there have been many outreaches." He added that both sides were also holding working-level discussions on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings. Bessent's remarks came against the backdrop of renewed trade friction. Last week, Trump had threatened to cancel the meeting with Xi after China announced new export controls on rare earth materials and technologies vital to US industries. The move, widely seen as a countermeasure, prompted the White House to escalate its trade stance further. Trump later unveiled a sweeping new tariff package, announcing an additional 100% duty on Chinese imports, bringing the total tariff burden on goods from China to 130%. In a post on Truth Social, he said, "In response to China's export control on rare earths and related items, the United States will impose a tariff of 100 per cent on China, over and above any tariff that they are currently paying." He also revealed that the US would implement "export controls on all critical software" starting November 1, accusing Beijing of adopting an "unprecedented and hostile" position in trade relations. In response, a spokesperson from China's Ministry of Commerce warned that "willful threats of high tariffs are not the right way to get along with China," asserting that while Beijing does not seek a trade war, it is "not afraid of it either." The ministry urged Washington to "correct its wrong practices" and resolve differences through dialogue. "Properly manage differences through dialogues and on the basis of mutual respect and equal-footed consultation, so as to ensure the stable, sound and sustainable development of the China-US economic and trade relationship," the ministry said. Defending its recent actions, China described the October 9 export controls as "normal actions taken by the Chinese government in accordance with laws and regulations to refine its export control system." The ministry added, "As a responsible major country, China firmly safeguards national and international security and implements export control measures in a prudential and moderate manner," according to Global Times. Beijing also accused Washington of hypocrisy, stating that "the US remarks reflect typical double standards." It said the United States had "overstretched the concept of national security, abused export control, and imposed unilateral long-arm jurisdiction measures" on thousands of Chinese entities. Since the China-US trade talks in Madrid in September, the ministry added, Washington had introduced "a string of new restrictive measures" targeting Chinese industries. "In just 20 days, the US has added multiple Chinese firms to the Entity List, expanded control over affiliates, and persisted with Section 301 measures on China's maritime and shipbuilding sectors," the statement read. Concluding its response, Beijing said that these actions "have severely harmed China's interests and undermined the atmosphere of bilateral economic and trade talks," reiterating that it "is resolutely opposed to them." (ANI)
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