Overview
- China widened export controls on rare earths last week, prompting Trump's threat of an additional 100% tariff on Chinese goods.
- Xinhua reported that Vice Premier He Lifeng and U.S. Treasury official Scott Bessent held an open, deep and constructive video call and agreed to resume economic and trade consultations as soon as possible.
- Bessent said the sides would likely hold a ministerial meeting in Malaysia within a week to prepare further discussions.
- Trump confirmed he will meet Xi Jinping in South Korea in two weeks after describing the 100% tariff figure as not acceptable.
- WTO Director-General Ngozi Okonjo-Iweala urged de-escalation and warned decoupling could cut global output by about seven percent, even as both sides traded fresh accusations at the IMF and in Beijing.