US Treasury Secretary Bessent stated on the 15th that the United States may extend the suspension period for imposing additional tariffs on Chinese goods in exchange for China delaying its rare earth export control plan.
The 90-day US-China tariff truce will expire in November.
At a press conference held in Washington, he said: "Is it possible that we will use an extension of the (tariff truce) period as a bargaining chip? It's possible. But all of this will be negotiated in the coming weeks."
He also pointed out that, as far as he knows, President Trump is "willing" to meet with Chinese President Xi Jinping in South Korea later this month.
Bessent stated that he is "very likely" to visit Asia before Trump and meet with Chinese Vice Premier He Lifeng.
Criticizing "China vs. the World"
Bessent criticized China's rare earth export restrictions as "China against the world," saying that the US and its allies "will neither be commanded nor controlled."
He said: "This should send a clear signal to our allies that we must cooperate, and we definitely will cooperate. We will not let a group of bureaucrats in Beijing attempt to control the global production chain."
Called Out Li Chenggang As Difficult to Work With
During the press conference, Bessent publicly accused a key member of US-China trade negotiations, Chinese Vice Minister of Commerce Li Chenggang, of being "disrespectful" and difficult to work with in the ongoing trade talks.
In diplomatic settings, negotiators rarely name and criticize the other side directly; Bessent broke this unwritten rule.
Bessent said that after four rounds of productive and "highly respectful" trade talks with China, this vice minister "showed up uninvited" in Washington and issued highly provocative threats.
Meanwhile, US Trade Representative Greer, who attended the press conference together, expressed skepticism about China's promotion of rare earth export controls, saying these would choke off trade in various consumer goods.
He said: "The scope and scale are simply unimaginable, and it's impossible to implement."
He stated that this is not just about the US; China's actions are nothing more than trying to seize power in the global supply chain.
He said: "This move is not proportional retaliation, but economic coercion against countries around the world."
Does Not Want to Escalate Trade Conflict with China
On the other hand, Bessent insisted at an event with CNBC on the 15th that the US does not want to escalate its trade conflict with China.
He said President Trump is ready to meet with Chinese President Xi Jinping in South Korea later this month.
He pointed out that officials from both countries are in daily contact to arrange the meeting, and that the US also does not want to decouple from the world's second-largest economy.
He said that it is precisely the trust between Trump and Xi Jinping that has prevented the two countries' trade conflict from further escalating.
He stressed that the US still hopes to resolve differences through dialogue.
He said: "We don't want to see the conflict escalate. Trump is ready for face-to-face talks with Xi Jinping precisely to stabilize relations and seek cooperation."