Journalism of Courage
US President Donald Trump on Sunday said that his administration is going to have a “good deal” with China as he meets the Chinese President Xi Jinping during his visit to South Korea this week. Officials from both the countries have indicated that a trade deal is drawing closer ahead of their high-stakes meeting, AP reported.
Trump had earlier threatened to impose a 100% levy on Chinese goods if a trade deal is not reached by November 1. US Treasury Secretary Scott Bessent has said that trade talks between America and Chinese officials at the sidelines of the ASEAN Summit in Kuala Lumpur have eliminated the threat of Trump’s 100% tariffs on Chinese imports.
In an interview to CBS News, Secretary Bessent said the threat of a 100% additional tariff on Chinese goods was “effectively off the table.” “I think we have a very successful framework for the leaders to discuss on Thursday,” Bessent added.
Bessent added that he believes China would delay implementation of its rare earth minerals and magnets licensing regime, at least by a year as the policy is being reconsidered, Reuters reported.
During a bilateral meeting with Brazil’s President Luiz Inacio Lula da Silva in Kuala Lumpur, Trump was asked about his prospects and a deal with his Chinese counterpart, to which he responded saying, “We meet, as you know, in South Korea with President Xi. I think we’re going to have a good deal with China.”
Trump further added, “They want to make a deal, and we want to make a deal…I think we’re going to have a very fair meeting with China.” Beijing recently imposed restrictions on export of rare earth minerals that are required for advanced technologies, and Trump had responded by imposing additional tariffs on Chinese products. Trump is scheduled to meet Xi in South Korea on Thursday, his final stop of his trip through Asia.
(with inputs from agencies)
