US Treasury Secretary Bessent stated on the 13th that US-China communication has resumed and the situation has 'significantly cooled down.' President Trump 'still plans to meet with Chinese President Xi Jinping in South Korea at the end of this month as originally scheduled.'
In an interview with Fox on the 13th, Bessent revealed that the US and China had intensive communications over the past weekend and are expected to hold more meetings.
He stated that the current tensions have clearly eased.
He said: 'President Trump has announced that tariffs will not take effect until November 1. He will meet with Chinese President Xi Jinping in South Korea—I believe that meeting will still proceed as planned.'
Trump and Xi are expected to meet during the Asia-Pacific Economic Cooperation (APEC) summit to be held in South Korea at the end of October.
Additionally, Bessent noted that the United States has been closely coordinating with allies and expects to receive support from Europe, India, and major democratic countries in Asia.
He emphasized that China is a planned economy, but they cannot direct the United States or control the United States.
He stated that the United States will neither recognize nor accept the new licensing requirements for China’s rare earth export controls.
According to China's new regulations, any products made by foreign companies using Chinese raw materials or equipment to produce rare earths and related magnetic materials must apply for export licenses, even if no Chinese companies are involved in the transaction.
US-China Working-Level Consultations
Bessent revealed that US and Chinese officials will hold working-level consultations in Washington this week, with the meetings taking place on the sidelines of the annual meetings of the World Bank and International Monetary Fund.
He also stated that the proposed 100% tariff 'does not necessarily have to actually happen.' Although the atmosphere was tense last week, overall, the relationship between the two countries is good, and communication channels have been reopened.