Treasury Secretary Scott Bessent speaks before a lunch with President Donald Trump and Ukraine’s President Volodymyr Zelenskyy in the Cabinet Room of the White House, Friday, Oct. 17, 2025, in Washington. (AP Photo) US Treasury Secretary Scott Bessent said on Friday he is set to meet Chinese Vice Premier He Lifeng next week to prepare for high-level trade talks between US President Donald Trump and Chinese President Xi Jinping.
The meeting, expected in Malaysia, comes as Washington and Beijing remain at odds over China’s new export restrictions on rare earth materials key components used in electronics and renewable energy technologies.
Bessent said he believed tensions between the two sides had “de-escalated,” adding that he would speak with He later on Friday before their in-person meeting “probably a week from tomorrow.”
The talks are aimed at paving the way for a meeting between Trump and Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
Earlier this week, Trump had threatened to impose a 100% tariff on Chinese imports and to cancel the planned meeting with Xi after Beijing announced tighter export controls. But in an interview with Fox News released Friday, Trump confirmed he would meet the Chinese leader as planned.
Bessent had previously accused China of trying to “hurt the world economy” through its export curbs. The International Monetary Fund’s managing director, Kristalina Georgieva, said she hoped both countries could reach an understanding to ease trade tensions.
At the same time, the Group of Seven (G7) finance ministers have agreed to coordinate their response to China’s export rules. EU Economy Commissioner Valdis Dombrovskis said after a G7 meeting in Washington that countries would work together to “diversify suppliers” and “exchange information” as they seek alternatives to Chinese materials.
German Finance Minister Lars Klingbeil said he hoped the Trump–Xi meeting would help reduce the ongoing trade conflict, adding that the G7 had made it clear they “do not agree with China’s approach.”
(With inputs from agencies)
