The United States (US) and China have resumed high-level discussions aimed at addressing ongoing trade tensions between the world’s two largest economies.
In a statement on October 18, U.S. Treasury Secretary Scott Bessent confirmed that he held “frank and detailed discussions” with Chinese Vice Premier He Lifeng on Friday evening, focusing on key trade issues.
“This evening, Vice Premier He Lifeng and I engaged in frank and detailed discussions regarding trade between the United States and China,” Bessent said.
“We will meet in-person next week to continue our discussions.”
Chinese state media reported that Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent held “candid, in-depth, and constructive discussions” during a call on October 18.
The two sides reportedly agreed to convene a new round of trade talks “as soon as possible.”
The renewed dialogue comes after Beijing introduced sweeping restrictions on its rare earth exports, a move that rattled global markets and prompted an angry response from U.S. President Donald Trump.
US and China Tariffs
Earlier, Trump threatened to impose 100 percent tariffs on all Chinese imports in retaliation, accusing Beijing of weaponizing its dominance in the rare earths sector.
China dominates the production of rare earths and other critical materials used in cars, smartphones, and countless electronic devices.
This heavy reliance has raised global concern, prompting the United States and its G7 partners to coordinate a unified response to Beijing’s export controls.
EU Economy Commissioner Valdis Dombrovskis said the bloc had agreed to develop short-term strategies and share intelligence on contacts with Chinese officials, acknowledging that diversification away from China’s rare earth supply “could take years.”
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Trump also warned that he might cancel his expected meeting with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation (APEC) summit in South Korea, though he later suggested the meeting would go ahead.
He initially threatened to pull out of a planned meeting with Chinese President Xi Jinping, but later clarified that while he had not canceled it, he was unsure if it would proceed.
“I’m going to be there regardless,” Trump told reporters at the White House.
Also Read: China Hits Back at Trump’s 100% Tariff Escalation
Trade Wars
The U.S.-China trade war has reignited in recent months, with Trump reinstating his hardline stance upon returning to office.
At its height, tariffs between the two countries reached triple-digit levels, disrupting major supply chains and forcing multinational firms to rethink sourcing strategies.
As a result, U.S. tariffs on Chinese imports increased by 30% from their levels at the start of the year, while goods from the United States entering China are now subject to a new 10% duty.
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