TLDR
- The United States and China have initiated trade talks to ease Trump tariffs ahead of the October 30 summit.
- Chinese Vice-Premier He Lifeng and U.S. Treasury Secretary Scott Bessent are leading the discussions in Kuala Lumpur.
- The focus of the talks includes addressing critical trade and economic issues impacting both nations.
- Trade experts anticipate that the meeting could result in temporary tariff rollbacks, especially on U.S. agricultural exports.
- President Trump and President Xi Jinping are expected to discuss agricultural trade and regional security during their upcoming meeting.
The United States and China have commenced trade talks aimed at easing the Trump tariffs. This development comes ahead of the upcoming summit between President Donald Trump and President Xi Jinping on October 30. Both sides hope these discussions will lay the groundwork for future negotiations on tariff reductions.
U.S.-China Trade Talks Begin in Kuala Lumpur
On Saturday morning, Chinese Vice-Premier He Lifeng and U.S. Treasury Secretary Scott Bessent started a new round of trade talks. The two leaders met in Kuala Lumpur to address the ongoing tariff issues between the two countries. According to reports, these meetings aim to focus on critical issues impacting the economic and trade relations between the two nations.
Both delegations have kept most of the details of the talks confidential. However, China’s Ministry of Commerce confirmed that the discussions were designed to address key trade and economic issues. The talks are expected to continue through the weekend, possibly resuming on Sunday.
This meeting marks the fifth in-person session between He Lifeng and Scott Bessent since the trade war began earlier this year. The previous discussions included a video call between President Trump and President Xi, which set the stage for this round of talks.
Trade Talks Could Ease Trump Tariffs
The upcoming meeting between Presidents Trump and Xi is anticipated to be a pivotal moment in the trade relationship. The U.S. President has expressed confidence that the summit will address agricultural trade and regional security.
“We have a lot to talk about with President Xi,” Trump told reporters. “I think we’ll have a good meeting,” he added.
Trade experts expect the meeting to lead to a temporary rollback of Trump’s tariffs, particularly on agricultural products. This would come as a relief to American farmers, who have been significantly impacted. Analysts predict that China may ease restrictions on U.S. agricultural exports, particularly soybeans, which have been subject to a freeze.
The trade talks are also expected to address broader concerns, including technology controls and the export of rare-earth minerals. China’s recent decision to tighten restrictions on these minerals escalated tensions. Experts believe that addressing these issues will be key to reducing the Trump tariff rates.
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