Trump’s Meeting with Xi Jinping Still on, Says Treasury Secretary
In Washington, Treasury Secretary Scott Bessent mentioned on Monday that President Donald Trump’s meeting with China’s President Xi Jinping is still set to occur, despite Trump’s recent threats of imposing 100% tariffs. Trump expressed that there “seems to be no reason” for the summit, initially planned for October 29.
Bessent, who played a role in reaching a ceasefire during the U.S.-China trade conflict in May, noted that Xi is scheduled to meet with Party Chairman Xi in South Korea, with talks expected to proceed. This follows a strong reaction from China to new export restrictions announced by the government.
After China released rules on Thursday requiring export permits for essential tech products, including batteries and chips critical for AI, Bessent stated that communication between the two nations had been substantial over the weekend.
In an effort to reduce tensions, Trump stated on Sunday that Xi “doesn’t want a crisis for his country, and neither do I. America wants to help China, not hurt it!” He even reassured the public on Truth Social, claiming, “Everything will be fine! Respected President Xi just had a bad time.”
China’s Ministry of Commerce clarified on Sunday that these new regulations are not intended to entirely ban exports and indicated there may be some leniency in how they are enforced.
Bessent expressed his concern on FOX Business, declaring, “This is China versus the world. They’ve pointed a bazooka at the supply chain and the industrial base of the entire free world, and we’re not going to accept that.” He emphasized that the Chinese system cannot dictate how others manage their supply chains.
Despite a sharp decline on Friday due to fears of a trade war escalation, major U.S. stock market indexes saw a rise on Monday morning.
Notably, President Trump has not had a direct meeting with Xi since January when he returned to power after a four-year absence. This situation followed Trump’s 2020 re-election campaign, which focused on economically distancing the U.S. from China, as well as promises related to aid for Americans affected by the pandemic.
This year’s tariff strategy, initiated by Trump, was primarily aimed at combatting fentanyl exports from China, which have contributed to the deaths of about 1 in every 1,000 Americans over the last five years.
