Treasury Secretary Scott Bessent has announced that President Donald Trump and Chinese President Xi Jinping are expected to meet briefly later this month on the sidelines of the Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea.
The Trump administration anticipates what Secretary Bessent termed a “significant breakthrough” in trade negotiations with China. This development follows earlier reports of strained economic relations between the two nations.
Secretary Bessent, speaking to CNBC, emphasized the importance of direct communication between the two leaders. He stated, “What gives us great comfort is the respect that the two leaders have for each other.” The Treasury Secretary expressed optimism regarding his own parallel talks with Chinese Vice Premier He Lifeng, suggesting that this fifth round of discussions could yield substantial progress.
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President Trump has recently prioritized the issue of soybean exports to China, which have been curtailed in recent months. The President wrote on his social media platform, “The Soybean Farmers of our Country are being hurt because China is, for ‘negotiating’ reasons only, not buying.” He pledged to use a portion of tariff revenues to support American farmers affected by the trade dispute.
This raises important questions about the potential outcomes of the upcoming talks and their impact on global trade relations. The significance of this meeting should not be overlooked, as it may set the tone for future economic cooperation between the world’s two largest economies.