Bloomberg: US-China trade talks set for next week

The next round of US-China trade negotiations is scheduled for next week, with Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng leading efforts to resolve rising tensions between the world’s two largest economies.

Bessent held a virtual discussion with He on the evening of October 17, describing the talks as “frank and detailed,” and confirmed plans to meet in person next week, as per Bloomberg.

US Trade Representative Jamieson Greer also participated in the online session. Speaking at a White House event, Bessent said:

"He and I, and a delegation, will meet in Malaysia — probably a week from tomorrow, to prepare for the two presidents to meet."

China’s state-run Xinhua News Agency reported that the two sides conducted a constructive and in-depth exchange on key issues affecting bilateral economic and trade relations.

Bessent’s comments followed President Donald Trump’s expression of optimism regarding a potential deal to defuse tensions, which had previously included threats of drastic tariff hikes.

Trump indicated confidence that his planned meeting with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) leaders summit in South Korea later this month would proceed.

"I think we’re doing very well. I think we’re getting along with China," Trump said, emphasising a desire to avoid a full-scale trade war with Beijing that could severely impact the global economy.

Just a week earlier, Trump had hinted at cancelling the first in-person meeting with Xi since returning to the White House, frustrated by China’s decision to assert tighter controls over critical rare-earth elements. At that time, he announced a 100% import surtax on Chinese goods, set to take effect on November 1. On Friday, however, he described the return of such high tariffs as “not sustainable” in an interview with Fox Business.

Earlier this year, the US and China had agreed to a truce, pausing 145% tariffs on Chinese goods while Beijing pledged to resume shipments of rare-earth magnets. That agreement is due to expire in November.

The upcoming talks in Kuala Lumpur, coinciding with the ASEAN summit, mark the fifth round of bilateral trade discussions, following negotiations in Madrid, Stockholm, London, and Geneva. Bessent expressed cautious optimism, stating:

"I think things have de-escalated. We hope that China will show the respect that we have shown them. And I am confident that President Trump, because of his relationship with President Xi, will be able to get things back on a good course."

By Tamilla Hasanova