US Trade Representative Jamieson Greer told a press conference that China’s new export restrictions represent a “global supply-chain power grab” that America and its allies would not accept.
Bessent confirmed that US President Donald Trump still expects to meet with Chinese President Xi Jinping in South Korea later this month.
“Our expectation is that they won’t implement this and that we’ll be able to be back to where we were a week ago where we had the tariff levels we’ve agreed to and we have the flow of rare earths that we agreed to,“ Greer said.
Bessent suggested a longer extension of the current 90-day tariff truce between the two nations might be possible.
Their comments came hours after the US and China imposed tit-for-tat port fees on each other’s ships.
Bessent said US and Chinese officials were meeting on the sidelines of the IMF-World Bank gathering to arrange the Trump-Xi meeting.
The US does not want to economically decouple from China but would have to take action if Beijing proved to be an unreliable supplier.
He added that Washington had further measures it could deploy, including export controls, if Beijing proceeded with the restrictions.
“While there are substantial actions we can take, we’d rather not. I believe China’s open to discussion and I am optimistic that this can be de-escalated,“ Bessent said.
Bessent told a CNBC event that China had clearly intended to take action “all along,“ rejecting Beijing’s claim that the actions were a response to US measures.
He revealed that a senior Chinese trade official had threatened as early as August to “unleash chaos on the global system” if the US went ahead with port fee increases. – Reuters
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