Khaberni - Beijing and Washington agreed on Saturday to hold a new round of trade talks next week between the two largest economies in the world and avoid another devastating tariff battle.
U.S. Treasury Secretary Scott Bisent said on Friday that he will meet with his Chinese counterpart and Vice Premier He Lifeng next week as Beijing announced on Saturday its readiness to start these negotiations "as soon as possible".
Trade tensions between Washington and Beijing escalated last week after Beijing announced it would tighten controls on exports of rare metals.
The Chinese announcement sparked sharp criticism from Trump, who confirmed his intention to impose tariffs of 100% on Chinese products, to be added to the current tariffs of at least 30%.
Trump threatened not to meet his Chinese counterpart Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit.
The New China News Agency (Xinhua) reported on Saturday that a phone call between China's chief negotiator He Lifeng and U.S. Treasury Secretary Scott Bisent resulted in "frank, in-depth, and constructive" discussions.
For his part, Bisent pointed out on platform X discussions that were "frank and detailed", announcing that he will meet with his counterpart Lifeng "next week to continue the negotiations".
Bisent had accused China of seeking to harm the rest of the world by tightening restrictions on rare metals, which are essential for many economic sectors, from smartphones to guided missiles.
U.S. Trade Representative Jameson Greer participated in the call, according to the Chinese news agency.
A few hours earlier, "Fox News" American station published excerpts from an interview with Donald Trump saying that he is supposed to meet with his Chinese counterpart Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit at the end of the month.
Trump confirmed that imposing tariffs of 100% on Chinese products is not a feasible measure for a long period.
He said, "It is not feasible for a long period, but that is the number... They forced me into it."
- A united stance -
This week, Washington sought to unify the stance of its allies. Finance ministers of the Group of Seven decided on Friday to coordinate their countries’ response to the new challenge posed by restrictions on access to rare metals and its impact on their economies.
The European Commissioner for Economic Affairs, Valdis Dombrovskis, said in a press statement, "We have reached an agreement, whether bilaterally with the United States or within the Group of Seven, to coordinate our approach and inform each other of the outcomes of our discussions with our Chinese counterparts."
The German Finance Minister, Lars Kliegble, said during a meeting with reporters, "The Group of Seven countries expressed their disapproval of the Chinese approach."
International Monetary Fund Managing Director Kristalina Georgieva said on Friday that she hoped "to reach a quick agreement to ease trade tensions" between Beijing and Washington.
Trade tensions between the two countries escalated with Donald Trump's return to the White House and his desire to impose tariffs on all U.S. imports.
Beijing then decided to retaliate, prompting Washington to take further retaliatory actions, which were reciprocated by China, resulting in tariffs imposed by both sides exceeding 100%.
The two countries then began to deescalate, but their relations remain tense.
