U.S.-China Trade Tensions Ease Ahead of Trump-Xi Meeting
The United States and China are easing trade tensions ahead of a planned meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in South Korea. The easing began following expanded Chinese export controls in the rare earths sector, which prompted a response from Trump.
In a significant development, U.S.-China trade tensions are cooling as President Donald Trump prepares to meet Chinese leader Xi Jinping in South Korea. U.S. Treasury Secretary Scott Bessent disclosed this during an interview, highlighting ongoing communication between the two economic powerhouses.
The latest trade dispute erupted when China broadened its rare earths export controls, leading to a swift reaction from Trump. Despite the flare-up, Bessent reported significant dialogues over the weekend, noting that proposed U.S. tariffs are postponed until November 1, with Trump and Xi scheduled to meet in Korea as planned.
Amidst the backdrop of the World Bank and International Monetary Fund annual meetings in Washington, the U.S. is gaining backing from its allies, including Europe and Asian democracies, as it counters China's command and control economic strategies.
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