Technology
Top US and China envoys set trade talks after ‘constructive’ video call
Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent held a video call on Saturday morning and stated that trade negotiators from their countries would meet next week.
“This evening, Vice-Premier He Lifeng and I engaged in frank and detailed discussions regarding trade between the United States and China,” Bessent wrote on social media on Friday evening in Washington.
“We will meet in person next week to continue our discussions.”
In a separate read-out, China described He’s discussions with Bessent and US Trade Representative Jamieson Greer as “candid, in-depth and constructive”, touching upon “key issues in bilateral economic and trade relations”.
“[The two sides] … agreed to convene a new round of China-US economic and trade consultations at the earliest opportunity,” according to state broadcaster CCTV.
No details on the timing or location of the talks were given in either country’s read-out of the call.
But Bessent, at a White House event hours before the video conversation, said the meeting would be held in Malaysia.
“He [Lifeng] and I, and a delegation, will meet in Malaysia,” the US treasury secretary said. “Probably a week from tomorrow to prepare for the two presidents to meet”.
The latest round of trade talks is meant to de-escalate tensions between the world’s two largest economies before a planned meeting between Chinese President Xi Jinping and US President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea. That gathering is scheduled from October 31 to November 1.
Tensions flared after Beijing announced on October 9 it would roll out further export restrictions for rare earth elements. The move was expected to strengthen China’s grip on the world’s supply of the minerals that are essential for manufacturing advanced semiconductors, jets and robots.
Hours after Beijing announced the export restrictions, Trump threatened to impose an additional 100 per cent tariff on all Chinese goods from next month. Days later, Beijing added five American subsidiaries of a South Korean shipping company to its sanctions list.
But in an about-face, Trump on Friday suggested that imposing the additional 100 per cent tariff plan appeared unworkable.
Speaking to Fox Business Network in an interview broadcast on Friday, the US leader said the high tariffs were “not sustainable”.
Trump also confirmed that his meeting with Xi was on track to take place in two weeks in South Korea.
“I think we’re going to be fine with China, but we have to have a fair deal,” said Trump. “It’s got to be fair.”
Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent held a video call on Saturday morning and stated that trade negotiators from their countries would meet next week.
“This evening, Vice-Premier He Lifeng and I engaged in frank and detailed discussions regarding trade between the United States and China,” Bessent wrote on social media on Friday evening in Washington.
“We will meet in person next week to continue our discussions.”
In a separate read-out, China described He’s discussions with Bessent and US Trade Representative Jamieson Greer as “candid, in-depth and constructive”, touching upon “key issues in bilateral economic and trade relations”.
“[The two sides] … agreed to convene a new round of China-US economic and trade consultations at the earliest opportunity,” according to state broadcaster CCTV.
No details on the timing or location of the talks were given in either country’s read-out of the call.
But Bessent, at a White House event hours before the video conversation, said the meeting would be held in Malaysia.
“He [Lifeng] and I, and a delegation, will meet in Malaysia,” the US treasury secretary said. “Probably a week from tomorrow to prepare for the two presidents to meet”.
The latest round of trade talks is meant to de-escalate tensions between the world’s two largest economies before a planned meeting between Chinese President Xi Jinping and US President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea. That gathering is scheduled from October 31 to November 1.
Tensions flared after Beijing announced on October 9 it would roll out further export restrictions for rare earth elements. The move was expected to strengthen China’s grip on the world’s supply of the minerals that are essential for manufacturing advanced semiconductors, jets and robots.
Hours after Beijing announced the export restrictions, Trump threatened to impose an additional 100 per cent tariff on all Chinese goods from next month. Days later, Beijing added five American subsidiaries of a South Korean shipping company to its sanctions list.
But in an about-face, Trump on Friday suggested that imposing the additional 100 per cent tariff plan appeared unworkable.
Speaking to Fox Business Network in an interview broadcast on Friday, the US leader said the high tariffs were “not sustainable”.
Trump also confirmed that his meeting with Xi was on track to take place in two weeks in South Korea.
“I think we’re going to be fine with China, but we have to have a fair deal,” said Trump. “It’s got to be fair.”
