U.S.-China Trade Talks: Trump and Xi Set for Summit Amid Rare Earths Focus

The United States and China are maintaining a stable trade relationship, and President Donald Trump intends to preserve that balance in an upcoming summit with Chinese President Xi Jinping, according to U.S. Trade Representative Jamieson Greer. Speaking at a Hudson Institute event, Greer emphasized that Washington is not seeking escalation or confrontation with Beijing.

Greer described the current state of bilateral trade as settled, with the U.S. retaining significant tariffs on Chinese imports while still securing access to critical Chinese rare earth minerals. These rare earths remain central to American industrial and technological interests, and ensuring continued supply is a top priority heading into the leaders' meeting.

In March, Greer, Treasury Secretary Scott Bessent, and Chinese Vice Premier He Lifeng held discussions in Paris focused on rare earth supply chains, including minerals routed through third countries. While an initial Beijing summit was postponed due to the Iran war, minister and staff-level talks have continued. Greer expressed hope that the rare earths issue could be resolved before it reaches the presidential level.

To diversify critical mineral sources, the U.S. is also pursuing plurilateral supply agreements, though these would require price floor protections against potential market manipulation by China.

Beyond minerals, both nations are exploring a proposed Board of Trade — a structured mechanism through which Trump and Xi could identify goods that can be exchanged without triggering national security concerns. A separate Board of Investment is also under discussion, aimed at addressing company-specific investment barriers rather than broad policy shifts.

On Chinese automaker BYD potentially building a U.S. plant, Greer noted that investment talks remain premature, stressing that reducing the trade deficit must come first. China's Foreign Ministry echoed the call for stability, urging both sides to honor existing agreements and strengthen economic cooperation.