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View all search resultsTrump on track to meet Xi in South Korea
The latest rupture followed China's announcement on Thursday that it would dramatically expand its rare earths export controls. That drew a sharp countermeasure from Trump on Friday that sent markets and relations between the world's two largest economies into a spiral.
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US President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, on June 29, 2019. (REUTERS/Kevin Lamarque)
U
S President Donald Trump remains on track to meet Chinese leader Xi Jinping in South Korea in late October as the two sides try to de-escalate tensions over tariff threats and export controls, US Treasury Secretary Scott Bessent said on Monday.
The latest rupture followed China's announcement on Thursday that it would dramatically expand its rare earths export controls. That drew a sharp countermeasure from Trump on Friday that sent markets and relations between the world's two largest economies into a spiral.
Bessent said there were substantial communications between the two sides over the weekend and more meetings were expected.
"We have substantially de-escalated," Bessent said in an interview with Fox Business Network.
"President Trump said that the tariffs would not go into effect until November 1. He will be meeting with Party Chair Xi in Korea. I believe that meeting will still be on."
Trump and Xi had planned to meet during the summit of the Asia-Pacific Economic Cooperation forum hosted by South Korea in late October.
China's Commerce Ministry on Tuesday said it had informed the US in advance it planned to tighten its rare earth controls, and confirmed that the two sides remain in communication, adding that a working-level meeting took place on Monday.
But the statement from a Commerce Ministry spokesperson warned "the US cannot ask for talks while simultaneously threatening new restrictive measures."
China also said on Tuesday it was ready to "fight to the end" in a trade war with the United States after President Donald Trump said he would impose an additional 100 percent tariff on the world's second-largest economy.
"On the matter of tariff wars and trade wars, China's position remains consistent," an unnamed commerce ministry spokesperson said.
"If you wish to fight, we shall fight to the end; if you wish to negotiate, our door remains open."
Concerns spiked over the weekend that the trade war between the world's top two economies will worsen after Trump announced extra 100 percent tariffs on all Chinese goods.
The move, he said, was in response to Beijing's announcement last week of sweeping new export controls in the strategic field of rare earths -- currently dominated by China.
His announcement on Friday rattled markets and called into question a potential upcoming meeting with Chinese counterpart Xi Jinping in South Korea.
