US official issues BIG statement on trade relations with China: ‘President Trump is…’
Bessent’s remarks came against the backdrop of renewed trade frictions. Last week, Trump threatened to cancel a meeting with Xi after China announced new export controls on rare earth materials and technologies vital to US industries. Read on to learn more about this.
China’s Xi Jinping and Donald Trump.
U.S. Treasury Secretary Scott Bessent expressed confidence on Wednesday that progress will be made in trade talks with China, despite deepening tensions between the two sides over Beijing’s restrictions on rare earth exports. Speaking at an event hosted by CNBC, Bessent confirmed that US President Donald Trump plans to meet with Chinese President Xi Jinping “in the near future” and that the meeting is expected to take place at the Asia-Pacific Economic Cooperation (APEC) summit later this month.
Despite the recent tensions in bilateral relations, Bessent argued to CNBC that “President Trump is ‘permanent’ on this issue,” emphasizing that both leaders share an “excellent relationship.” Earlier in the event, Bessent said he was “optimistic” about ongoing talks with Beijing, noting that “we’re communicating at a very high level right now” and “there’s a lot of assistance happening.” He added that both sides held working-level talks on the sidelines of the International Monetary Fund (IMF) and World Bank annual meetings.
Bessent’s remarks came against the backdrop of renewed trade frictions. Last week, Trump threatened to cancel a meeting with Xi after China announced new export controls on rare earth materials and technologies vital to US industries. This move, widely seen as a countermeasure, caused the White House to further increase its trade stance. Trump then announced a sweeping new tariff package, announcing a 100 percent surcharge on imports from China and bringing the total tariff burden on goods from China to 130 percent.
“In response to China’s export control on rare earths and related products, the United States will impose a 100 percent tariff on China beyond any tariffs it currently pays,” he said in a post on Truth Social. He also announced that the US would impose “export controls on all critical software” starting November 1, accusing Beijing of adopting an “unprecedented and hostile” stance in trade relations. In response, a spokesperson for China’s Ministry of Commerce warned that “deliberate threats of high tariffs are not the right way to deal with China” and maintained that Beijing does not want a trade war but “is not afraid of it either.”
The ministry called on Washington to “correct its malpractices” and resolve differences through dialogue. “To appropriately manage differences through dialogue and consultation on the basis of mutual respect and equal footing to ensure the stable, sound and sustainable development of China-US economic and trade relations,” 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 improve the export control system.”
“As a responsible major country, China strictly safeguards national and international security and implements export control measures cautiously and moderately,” the ministry added, according to the Global Times. Beijing also accused Washington of hypocrisy, stating that “the US’s remarks reflect typical double standards.” The report stated that the United States “overstretched the concept of national security, abused export control, and imposed unilateral long-term jurisdictional measures on thousands of Chinese organizations.” The ministry added that since Sino-US trade talks in Madrid in September, Washington has introduced “a number of new restrictive measures” targeting Chinese industries. “In just 20 days, the United States added multiple Chinese firms to the Entity List, expanded its control over subsidiaries, and continued Section 301 measures on China’s maritime and shipbuilding industries,” the statement said. Concluding its response, Beijing stated that these actions “seriously harm China’s interests and undermine the atmosphere of bilateral economic and trade talks” and reiterated that it “resolutely opposes them”.
(Except for the title, this news has not been edited by the DNA team and is published from ANI news agency).
