Overview
- U.S. Treasury Secretary Scott Bessent and USTR Jamieson Greer are meeting Chinese counterparts in Kuala Lumpur, including Vice‑Premier He Lifeng, to try to secure a negotiated off‑ramp.
- President Trump has 100% tariffs on Chinese imports slated for Nov. 1 if talks falter, and officials are weighing curbs on a wide range of software‑powered exports as a fallback.
- Beijing expanded rare‑earth export controls this month, introducing a licensing regime that can reach products with trace China‑sourced content, which Washington calls unworkable.
- The Trump–Xi session remains on the schedule but could be a brief pull‑aside, as Trump signals he expects progress on farm purchases and even broader talks while downplaying the rare‑earth dispute.
- Allies and industry are moving to diversify supply, including a U.S.–Australia critical‑minerals pact, as both sides ready broader pressure tools such as shipping fees and antitrust actions.