US Secretary: Upcoming talks with China could expand beyond trade

US Treasury Secretary Scott Bessent said he expects to meet with his Chinese counterpart in the coming weeks to advance bilateral discussions on trade and potentially other critical issues, as tensions between the world’s two largest economies show signs of easing.

“I’m going to be meeting with my Chinese counterpart at sometime in the next couple of weeks,” Bessent said in an interview on July 7 on CNBC, Caliber.Az reports. “We had good meetings in Geneva, in London. We both approached it with great respect.”

“I think there are things for us to do together if the Chinese want to do it,” he added. “So we will discuss whether we are able to move beyond trade into other areas.”

While Bessent did not name his counterpart, he has previously met with Chinese Vice Premier He Lifeng, who led Beijing’s delegation in last month’s trade talks in London.

Earlier this year, the US and China imposed tit-for-tat tariffs that rattled financial markets and raised fears of a global economic slowdown. However, a series of negotiations in Geneva and London led to a temporary truce. Under that agreement, China committed to easing restrictions on the export of rare earth minerals, essential to US industries such as semiconductors, clean energy, and transportation, in exchange for a partial rollback of US trade limitations.

Despite progress, Bessent noted last week that the supply of those critical materials has yet to recover to levels seen in April, underscoring lingering challenges in the trade relationship.

Beyond trade, the two countries face unresolved issues, including President Donald Trump’s demands related to fentanyl trafficking and efforts to force a sale of TikTok’s American operations.

That proposed deal, which would see a consortium of US investors, including Oracle Corp., Blackstone, and Andreessen Horowitz, acquire the app from its Chinese parent company ByteDance Ltd., still requires Beijing’s approval.

By Sabina Mammadli