U.S., China Reach Rare Earths
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Treasury Secretary Scott Bessent said 100% tariffs on China are "effectively off the table" after a "very good two-day meeting" between the U.S. and China.
"So I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime."
Scott Bessent told NBC News that President Donald Trump would most likely visit Chinese President Xi Jinping in Beijing early next year.
President Donald Trump will meet with key leaders over the next several days in Malaysia, Japan and South Korea, including a closely watched sit-down with Chinese leader Xi Jinping. Follow for live updates.
President Trump announced an additional 10% tariff on Canadian imports on Saturday, but said there is a good chance of a "comprehensive deal" on trade with China.
In an interview with Meet the Press, Treasury Secretary Scott Bessent says China is prepared to reach an agreement after two days of negotiations to avoid the harsher 100% tariffs threatened by President Trump.
China’s craze for crude is part of a grander plan. Since early 2024, when it became clear that President Donald Trump might return to the White House, officials have stockpiled fuel, food and metals to limit exposure to sanctions and tariffs.
The swing through Malaysia, Japan and South Korea is expected to test President Trump’s skills as a statesman and negotiator.
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