Overview

• Treasure Secretary Scott Bessent said President Trump remains a go for a leader-level meeting with Xi Jinping at the APEC summit in South Korea later this month.
• Officials from both countries are in daily contact to arrange the session, with Bessent emphasizing that Washington does not seek escalation or a full decoupling.
• Beijing’s expanded rare-earth export controls last week prompted Trump to threaten a 100 percent tariff on Chinese goods starting November 1.
• Bessent said negotiators could pursue an extension of the current tariff truce if China delays its new controls, while USTR Jamieson Greer signaled tariff hikes or other measures are being prepared.
• Bessent recounted that a lower-level Chinese negotiator in August threatened to "unleash chaos" over U.S. docking fees for Chinese ships, a stance he described as unhinged and not representative of top leaders.