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16h ago

U.S. Eases Tone in China Trade Standoff as Fresh Talks Set and Trump–Xi Meeting Back On

Beijing's rare‑earth curbs prompted Washington's 100% tariff threat, with looming Nov. 1 actions alongside a Nov. 10 truce expiry keeping risks elevated.

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FILE - President Donald Trump, left, poses for a photo with Chinese 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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Overview

  • President Trump said the threatened triple‑digit tariffs are not sustainable, kept the option on the table, and confirmed a meeting with Xi Jinping at APEC in South Korea in about two weeks.
  • Treasury Secretary Scott Bessent and Vice‑Premier He Lifeng held a call described as candid and constructive, agreeing to new talks as soon as possible with an in‑person meeting next week that also involves USTR Jamieson Greer.
  • The latest U.S. steps include a proposed additional 100% tariff by Nov. 1 and planned export controls on “any and all critical software,” framed as a response to China’s tightened rare‑earth export controls.
  • Markets trimmed losses after Trump’s softer rhetoric and confirmation of the planned Trump–Xi meeting, with reporting noting a modest rebound in U.S. stock futures and indexes.
  • G7 finance officials moved to coordinate a short‑term response and diversify suppliers after China expanded rare‑earth controls, while the current 90‑day tariff pause is set to expire on Nov. 10 unless extended.