U.S. Treasury Secretary Scott Bessent said on the 13th (local time) that there had been considerable communication between the United States and China over the weekend, adding that U.S. President Donald Trump is scheduled to meet Chinese President Xi Jinping in Korea.

Scott Bessent, U.S. Treasury Secretary. /Courtesy of EPA Yonhap News Agency

Minister Bessent said in a Fox Business interview that "we have eased (tensions) to a significant degree," adding, "President Trump will meet President Xi in Korea. I think that meeting schedule will still go ahead."

He went on to say, "President Trump said that 'the tariff (an additional 100% tariff on China) will not take effect before Nov. 1.'"

This is interpreted as implying that the situation could change depending on progress in talks between the two countries before the time Trump signaled for imposing the tariff.

Minister Bessent said, "There was considerable communication (between the United States and China) over the weekend," adding, "There will be multiple working-level meetings between U.S. and Chinese negotiating partners." He signaled that working-level officials from both sides will actively meet this week on the sidelines of the World Bank (WB) and International Monetary Fund (IMF) annual meetings.

Minister Bessent, addressing China's export controls on rare earths, said it was "a China versus the world issue," adding, "China has aimed a bazooka at the entire supply chain and industrial base of the free world, and we will not accept that."

He added, "We will assert our sovereignty in a variety of ways," and said, "We have already contacted our allies and will hold talks with them this week. We expect to gain considerable global support from Europe, India and the democracies of Asia."

Minister Bessent said, "I think China is open to discussing this issue," adding, "If China is not, we have considerable leverage to use on our side, and it will be equal to or perhaps more aggressive than China's rare earth control measures."

He reiterated, "I am optimistic that we can ease the current tensions, but we are prepared to take any and all necessary measures."

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