Is the trade war coming to an end? Trump and Xi will have a 'very productive meeting'
“I believe we have a framework for the two leaders to have a very productive meeting for both sides,” U.S. Treasury Secretary Scott Bessent said on NBC's “Meet the Press.”
His comments echo earlier remarks by U.S. Trade Representative Jamieson Greer. After meeting with his Chinese counterparts in Kuala Lumpur, Malaysia, Greer told reporters that negotiators “are getting closer to where the leaders will have a very productive meeting”.
“Great for China, great for us”
Trump expressed confidence in the ability of U.S. and Chinese negotiators to work things out an agreement that will stop the cycle of tariffs and export control repressioncharacterizing US-China trade relations since April.
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— I think we will have a good deal with China. “I think if we do a deal, it will be great for China, great for us,” Trump told reporters on Sunday in Malaysia.
Trump landed in Malaysia on Sunday morning to attend the Association of Southeast Asian Nations (ASEAN) summit. It is the first stop on his five-day tour of Asia, which is expected to include a bilateral meeting with Xi Jinping in South Korea.
Bessent said that U.S. and Chinese officials established a “very successful” framework in talks this weekend. According to the secretary, the two sides discussed issues such as agricultural purchases, TikTok, fentanyl, trade, rare earth metals and overall bilateral relations.
According to Bloomberg, the head of the US Treasury described the talks as “constructive, far-reaching and profoundand also giving us the opportunity to move forward to prepare the ground for a meeting of leaders in a very positive framework.”
Donald Trump, President of the United States, and Scott Bessent, Secretary of the Treasury. Washington, April 24, 2025EPA/Al Drago / POOL / PAP
“We discussed a lot of different issues, from rare earth metals, from rare earth magnets to trade, significant purchases of U.S. agricultural products, to Chinese aid for the fentanyl crisis that we have in the U.S.,” Bessent said Sunday in an interview on CBS' “Face the Nation.” — I believe that the Chinese will make significant purchases again [amerykańskiej soi] – he added.
The Chinese are satisfied with the preliminary talks. They are waiting for more
Beijing described the two-day talks between Chinese Vice Premier He Lifeng and Chief International Trade Negotiator Li Chenggang with Bessent and Greer as “honest, thorough and constructive”according to a statement from China's Ministry of Commerce on Sunday.
He Lifeng, Chinese Deputy Prime Minister, in Kuala Lumpur, October 25, 2025.PAP/EPA/HOW HWEE YOUNG
As stated in the statement, the talks focused on, among others, on the Trump administration's imposition of new port fees on Chinese cargo ships earlier this month, the extension of the November 10 deadline for a return to triple-digit mutual tariffs, and the export controls and fentanyl tariffs imposed by Washington in February.
“The current twists and turns are ones we don't want to see,” Li said, as quoted by Bloomberg, adding that Stable trade and economic relations between China and the US are good for both countries and the rest of the world.
According to a statement from China's Commerce Ministry, the two-day talks laid the groundwork for a successful meeting between Trump and Xi in South Korea next week. “They reached basic consensus on arrangements to address their concerns,” it said. “Both sides agreed to further refine specific details and complete the relevant national approval procedures.”
