Bessent still expects Xi-Trump meeting, says all options open

US Treasury Secretary Scott Bessent said he still expects Presidents Donald Trump and Xi Jinping will meet, while warning that all options are open for retaliating against China’s move to tighten exports of rare earths.

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“He will be meeting with party chair Xi in Korea — I believe that meeting will still be on,” Bessent said on Fox Business on Monday. He added that there had been “substantial communication” over the weekend, after Beijing had failed to respond to US inquiries, apparently referring to questions the administration had over China’s rare earths decision last week.

That decision, involving wide-ranging global export controls on products containing even traces of certain rare earths, prompted Trump to fire back on Friday, by threatening to cancel his planned meeting with Xi at the Asia-Pacific Economic Cooperation summit in South Korea late this month. The president also announced plans to put an additional 100 percent tariff on Chinese goods starting November 1.