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U.S. President Donald Trump is still scheduled to meet Chinese President Xi Jinping in South Korea later this October, according to U.S. Treasury Secretary Scott Bessent. The announcement comes as Washington and Beijing attempt to cool tensions following a new wave of trade disputes and tariff threats.
The latest friction began when China announced plans to expand its rare earth export controls, prompting Trump to respond with a warning of 100% tariffs on Chinese goods. The move rattled global markets, though Bessent emphasized that “we have substantially de-escalated,” noting that active communication over the weekend and upcoming meetings in Washington suggest diplomacy remains alive.
The meeting between Trump and Xi is expected to take place during the Asia-Pacific Economic Cooperation (APEC) summit hosted by South Korea in late October. Bessent confirmed that tariffs will not take effect until November 1, giving negotiators time to make progress. He also stated that U.S.-China staff-level meetings will continue this week during the World Bank and IMF annual gatherings.
Despite optimism, tensions remain high. Bessent described China’s move as “provocative” and noted that the U.S. has reached out to allies in Europe, India, and Asia to form a united front. “China is a command-and-control economy. They are neither going to command nor control us,” he said.
China’s Commerce Ministry maintained that its rare earth measures were communicated in advance and defended the export curbs as necessary. The new regulations require foreign firms using Chinese materials or equipment to obtain export licenses—even if Chinese companies are not directly involved.
Markets reacted cautiously, with Asian stocks rebounding after sharp losses last week. As both sides prepare for the Trump-Xi meeting, investors remain hopeful that dialogue will prevent an escalation that could further disrupt global trade and technology supply chains.
