Bessent made the announcement during a White House cabinet meeting and later confirmed plans for a meeting after a call with He on Friday evening. Bessent said on X the two officials “engaged in frank and detailed discussions regarding trade between the United States and China.”
China state news agency Xinhua reported that He and Bessent had “candid, in-depth, and constructive discussions on major issues in bilateral economic and trade relations” in a video call, and agreed to a new round of trade talks as soon as possible.
A meeting in Malaysia would shift the venue to a Southeast Asian exporter that trades heavily with both China and the U.S. and whose goods are now subject to a 19% duty imposed by Trump. Malaysia also faces a threatened 100% U.S. tariff on its semiconductors and derivative electronics devices under a national security trade review.
Asked whether such a high tariff was sustainable and what that might do to the U.S. economy, Trump replied: “It’s not sustainable, but that’s what the number is.”
Trump also has threatened to impose new U.S. export controls that would halt supplies of “any and all critical software.”
Bessent and U.S. Trade Representative Jamieson Greer on Wednesday blasted the restrictions as a threat to global supply chains.
“I think we’re going to be fine with China, but we have to have a fair deal. It’s got to be fair,“ Trump said on FBN’s “Mornings with Maria,“ which was taped on Thursday.
The softening in tone and affirmation of his intent to meet with Xi helped stem Wall Street's early losses on Friday. Major U.S. stock indexes, which have been rattled over the last week by Trump's abrupt re-imposition of steep levies on Chinese imports and by credit worries among regional banks, were up in afternoon trading.
The head of the World Trade Organization urged the U.S. and China to de-escalate trade tensions, warning that a decoupling by the world's two largest economies could reduce global economic output by 7% over the longer term.
But tensions continued to run high, even as Trump and Xi prepared to meet.
And China's Commerce Ministry on Friday accused the U.S. of undermining the rules-based multilateral trading system since the Trump administration took office in 2025, vowing to intensify its use of dispute settlement actions at the WTO.
Bessent earlier in the week had accused one of He’s top aides of being “unhinged” in recent interactions with U.S. trade negotiators. China said on Friday that Bessent’s remarks “seriously distort the facts.” - Reuters
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