"Catch up quick: The recent re-escalation of the trade conflict with China had tariffs poised to rise to 155% as of Nov. 1. President Trump himself conceded such a tariff on the world's second-largest economy was not sustainable. Trump and Chinese leader Xi Jinping are on track to meet in the coming days, a conversation expected to touch on rare earth minerals, soybeans, technology exports and more."
"President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs on November 1. And I believe we've reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese," Bessent told NBC's "Meet the Press" anchor Kristen Welker on Sunday. Editor's note: This is a breaking news story and will be updated with additional information."
The U.S.-China trade conflict re-escalated with tariffs on Chinese imports poised to rise to 155% as of Nov. 1. President Trump conceded that a tariff at that level would not be sustainable for the world's second-largest economy. President Trump and Chinese leader Xi Jinping are scheduled to meet in the coming days to address rare earth minerals, soybeans, technology exports and other trade issues. Bessent said the threat of 100% tariffs on Nov. 1 provided significant negotiating leverage and that a substantial framework had been reached to avoid that outcome and permit broader discussions. Negotiations remain fluid as leaders prepare to meet.
Read at Axios
Unable to calculate read time
Collection
[
|
...
]