US EditionBessent, Chinese vice premier to meet to try to defuse US tariff hike
The meeting seeks to prevent a new trade war amid threats of 100% tariffs on rare-earth minerals critical to tech manufacturing, with prior talks reducing duties from triple digits.
- On Oct. 17, U.S. Treasury Secretary Scott Bessent said he will meet Chinese Vice Premier He Lifeng in Malaysia next week to prepare for the Trump-Xi summit.
- China's tightened export controls on rare-earth minerals triggered tensions, as China dominates rare-earth supplies vital to global tech manufacturers.
- After a Friday video call, Bessent wrote `We will meet in-person next week to continue our discussions,' and the officials previously met in four European cities over six months.
- Markets eased after Bessent's softening tone, and the talks aim to forestall an escalation of U.S. tariffs before leaders meet next week.
- Earlier this year Washington paused 145% tariffs under a truce set to expire in November, and President Donald Trump declared a 100% import surtax to take effect Nov. 1.
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The US Treasury Secretary, Scott Bessent, and his Chinese counterpart, Deputy Prime Minister He Lifeng, will see their faces next week in an attempt to channel, again, the tense trade relations. His appointment, which will take place in Malaysia, will seek to rewind the time two weeks, when the truce between the two largest economies on the planet seemed well cooked, before China approved a new rare earth export control mechanism that has enrage…
US Treasury Secretary, China's Vice Premier likely to meet in Malaysia ahead of Trump-Xi talks
WASHINGTON: United States Treasury Secretary Scott Bessent says on Saturday (Oct 18) that he and China's Vice Premier He Lifeng are likely to hold talks in Malaysia in a week's time as part of efforts to set the stage for a meeting between their respective countries' presidents. Read full story
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