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4h ago

Trump–Xi Meeting Back On as U.S. Revives Talks After China’s Rare‑Earth Clampdown

U.S. officials say reopened channels could avert tariffs after Beijing tightened rare‑earth exports.

FILE - President Donald Trump, left, shakes hands with China's President Xi Jinping during a meeting on the sidelines of the G-20 summit in Osaka, Japan, June 29, 2019. (AP Photo/Susan Walsh, File)
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A crane loads a shipping container into a truck at an automated container port in Tianjin, China, Aug. 29, 2025 (AP photo by Mahesh Kumar A.)

Overview

  • Treasury Secretary Scott Bessent said President Trump still plans to meet President Xi on the APEC sidelines in Gyeongju, with staff‑level talks set this week around IMF and World Bank meetings.
  • Trump has threatened a 100% tariff on Chinese imports starting Nov. 1 and new export controls on critical software, though Bessent signaled the measures could be avoided if negotiations progress.
  • China’s Oct. 9 rules expand licensing to products containing more than 0.1% Chinese‑sourced rare earths and bar exports for foreign military use, with broader enforcement set to begin Dec. 1.
  • Washington is coordinating with allies, including Europe and India, to counter Beijing’s move and to bolster diversified supply chains for critical minerals, according to Bessent.
  • Markets and chip supply chains showed fresh strain on Tuesday as Wall Street fell and South Korean chipmakers assessed exposure, while Oxford Economics warned of severe bottlenecks and higher inflation if controls are fully enforced.