The United States and China are set to resume trade negotiations next week, with Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng tasked with easing recent tensions between the world’s two largest economies.
Bessent confirmed that he spoke virtually with He on Friday evening, describing their discussions as “frank and detailed,” and reaffirmed plans for an in-person meeting next week. US Trade Representative Jamieson Greer also joined the online talks.
“He and I, along with our delegations, will meet in Malaysia — likely a week from tomorrow — to prepare for the upcoming meeting between our two presidents,” Bessent said during a White House event.
According to China’s state-run Xinhua News Agency, both sides held a “frank, in-depth, and constructive exchange of views” on key issues related to bilateral economic and trade relations.
Bessent’s remarks came after President Donald Trump expressed optimism about reaching an agreement to ease trade tensions with Beijing. His comments, coupled with Bessent’s, signaled Washington’s attempt to calm fears of an escalating trade conflict that could disrupt the global economy.
“I think we’re doing very well. I think we’re getting along with China,” Trump said. He also confirmed that his planned meeting with Chinese President Xi Jinping — scheduled to take place later this month in South Korea during the Asia-Pacific Economic Cooperation (APEC) leaders summit — was still expected to proceed.
Just a week earlier, Trump had threatened to cancel what would have been his first in-person meeting with Xi since returning to the White House, following Beijing’s announcement of expanded controls over rare-earth elements. He had also declared a 100% import surtax on Chinese goods, set to take effect on November 1.
However, in a recent interview with Fox Business, Trump appeared to backtrack, calling such steep tariffs “not sustainable.”
Earlier this year, the US and China reached a temporary truce in which Washington suspended 145% tariffs on Chinese imports, while Beijing agreed to resume shipments of rare-earth magnets. That deal is due to expire in November.
Next week’s discussions will mark the fifth round of bilateral trade talks, following previous meetings in Madrid, Stockholm, London, and Geneva. Kuala Lumpur, Malaysia’s capital, will host the upcoming session, coinciding with the Association of Southeast Asian Nations (ASEAN) summit, which will draw leaders from around the world.
“I think things have de-escalated,” Bessent said Friday. “We hope China will show the same level of respect we’ve extended to them. And I’m confident that President Trump, given his relationship with President Xi, can help steer things back onto a positive path.”
