Chinese Vice Premier He Lifeng is set to hold economic and trade talks with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer on Thursday (local time), Xinhua reported, citing the Chinese Ministry of Commerce.
Lifeng will lead a delegation to Malaysia from October 24 to 27 to attend the ASEAN Summit. US President Donald Trump will also attend the event.
Meanwhile, US President Donald Trump will meet Chinese President Xi Jinping next Thursday in South Korea after addressing the Asia-Pacific Economic Cooperation (APEC) CEOs summit, the White House confirmed this week.
“Thursday morning local time, President Trump will attend a bilateral meeting with President Xi of the People’s Republic of China before returning home,” Leavitt said.
The meeting comes at a crucial time, with the US embroiled in a “trade war” with the country.
Tensions have roiled trade relations between the US and China since Beijing dramatically expanded restrictions on rare earth exports this month in response to a US increase in the number of firms banned from buying US technology.
What is expected?
A spokesman for China’s Ministry of Commerce said in a statement that the two sides will hold consultations on important issues in China-US economic and trade relations in line with the important consensus reached by the heads of state of the two countries during their phone calls this year.
Meanwhile, Bloomberg reported that Trump is seeking a quick win in a key meeting with his Chinese counterpart Xi Jinping on Thursday, even if the outcome falls short of the broad agreement he has teased on issues at the heart of the rivalry between the world’s two biggest economies.
In addition, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer said earlier that they would also head to Malaysia to discuss rare earth export restrictions with Chinese officials in Beijing.
Trump wants to extend the pause on higher tariffs on Chinese goods
Ahead of the meeting, the US president reportedly said he wanted to extend the pause on higher tariffs on Chinese goods in exchange for Xi resuming purchases of US soybeans, cracking down on fentanyl and easing restrictions on rare earth exports – all while maintaining some trade barriers he sees as essential.
“I think we’re going to agree on everything,” Trump said this week, according to Bloomberg.
According to Bloomberg, Chinese trade negotiators also aim to extend a 90-day tariff truce that expires in November.
Pressure on Putin to end the invasion of Ukraine
According to the report, Trump also brought up the elusive nuclear weapons deal and expressed his desire to persuade Xi Jinping to pressure Russian President Vladimir Putin to end his invasion of Ukraine.
Trump has insisted that China must back away from tough export restrictions that underline Beijing’s influence as the world’s dominant supplier and processor of rare-earth materials used in cellphones, semiconductors and other technology.
However, Xi sees his dominance of the rare earths as a critical strategic advantage, so it is doubtful that he would back down without major compromises from the US.
“Both sides are clearly looking for stability in the relationship,” said Henrietta Levin, a former White House China adviser now at the Center for Strategic and International Studies. “But stability, under whose terms, is an open question, and I think Beijing unfortunately holds the cards,” the expert added.
The ASEAN and APEC summits will start on Sunday, respectively. October 31st. The APEC summit is scheduled to be held in South Korea from October 30 to November 1 in Gyeongju.
(With input from agencies)
