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China and the United States reached an agreement on Saturday to engage in another series of trade discussions in the upcoming week, as both nations aim to prevent another damaging cycle of retaliatory tariffs.
In response to Beijing’s announcement last week regarding extensive regulations on the crucial rare earths sector, President Donald Trump of the US issued a threat of imposing 100 percent tariffs on Chinese imports as retaliation.
Trump had also indicated that he might cancel his anticipated meeting with Chinese President Xi Jinping during their forthcoming gathering in South Korea, which would occur alongside the Asia-Pacific Economic Cooperation (APEC) summit later this month.
In a recent sign of efforts to address their ongoing conflict, Chinese state media reported that Vice Premier He Lifeng and US Treasury Secretary Scott Bessent engaged in “frank, thorough, and constructive discussions” during a call on Saturday morning, and both parties agreed to begin a new round of trade negotiations “as soon as possible.”
The US-China trade dispute flared up again this year when Trump vowed to impose significant tariffs on imports shortly after resuming his presidency.
At one point, the tariffs imposed by both countries escalated to triple-digit figures, effectively freezing some trade as businesses awaited a resolution.
Although the two nations have subsequently reduced their tariffs, their truce has remained fragile.
