U.S.-China Trade Talks: Key Developments Ahead of Critical Meeting

In recent discussions regarding U.S.-China trade relations, Treasury Secretary Scott Bessent outlined a significant framework that may pave the way for upcoming negotiations between President Donald Trump and Chinese President Xi Jinping. This meeting, scheduled for Thursday, has the potential to reduce looming tariffs on Chinese imports. Bessent shared during an interview on ABC News' "This Week" that, "I think we've reached a substantial framework for the two leaders who will meet in Korea next Thursday." He highlighted that Trump's prior threat of imposing 100% tariffs in response to China's move on rare earth mineral export controls has created leverage. He expressed optimism that these tariffs will be avoided if the ongoing discussions yield a concrete agreement. Further addressing China's stance, Bessent indicated that the nation might postpone its planned export controls on rare earth minerals for one year, allowing them time to reassess their strategy. Trump arrives in Asia for week of key talks -- including with China's Xi Additionally, Bessent mentioned potential developments regarding American soybean exports, which have suffered due to China's reduced purchases amidst ongoing trade tensions. The American Soybean Association reported that China accounted for over 50% of U.S. soybean exports in 2023 and is poised to do the same in 2024. ABC News - PHOTO: US Treasury Secretary Scott Bessent appears on ABC News' 'This Week,' Oct. 26, 2025. He expressed confidence that "when the announcement of the deal with China is made public, our soybean farmers will feel very good about what's going on," with implications expected to favor their interests in both the current and future farming seasons. In addition to trade matters, Bessent addressed the ongoing government shutdown, which has reached historic durations, indicating reluctance to renew talks with Democratic leadership. When questioned by Raddatz about the feasibility of further negotiations, Bessent stated, "Well, what good does it do, Martha? They dug in," referencing the Democrats' call for an extension of pandemic-era healthcare subsidies nearing expiration. Bessent went on to highlight that "fifty-two Republican senators have voted 11 times to reopen the government," urging moderate Democrats to collaborate and alleviate the situation.