China and the US are set to resume trade talks soon, aiming to de-escalate escalating tariff tensions. This comes after US President Trump suggested a 100% tariff might not be sustainable, while also hinting at potential further levies. The discussions follow recent export controls by Beijing and mixed signals from both economic powers.
China and the US might be set for more negotiations as both countries agree to hold a fresh round of trade talks "as soon as possible." This announcement comes as both economic giants aim to avoid another cycle of damaging tariffs.
The decision followed a video call between Beijing’s chief negotiator, Vice Premier He Lifeng, and US Treasury Secretary Scott Bessent.
State news agency Xinhua, on Saturday, described the discussion as involving "candid, in-depth and constructive exchanges." Earlier on Friday, the US President said that his proposed additional tariffs on Chinese goods would not be sustainable, and Beijing "forced him to do it."
"It's not sustainable," Trump told Fox Business when asked if the levies he has threatened to impose on China could remain in place without significantly affecting the economy.
Tensions between the US and China escalated after Trump announced plans to impose an additional 100% tariff on Chinese goods from November 1, following China’s restrictions on rare earth mineral exports.
With the additional tariffs, Chinese imports to the country now face a total of 130% duty.
Washington's move was in response to China's restriction on its rare earth exports.
"Based on the fact that China has taken this unprecedented position... the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying," Trump said on Truth Social.
In response, Beijing warned of retaliation if the US goes ahead with the tariff threat and accused it of escalating tensions.
"Wilful threats of high tariffs are not the right way to get along with China," a spokesperson for the commerce ministry said on Sunday, according to state news agency Xinhua.
Meanwhile, despite Trump’s earlier statement that he would not meet Xi at this month’s Asia-Pacific Economic Cooperation (APEC) summit, a meeting between the two leaders still appears possible.
US Treasury Secretary Scott Bessent said he continues to expect the meeting to take place. "He will be meeting with Party Chair Xi in Korea - I believe that meeting will still go ahead," Bessent told Fox Business.
Source: The Times of India
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