Treasury Secretary Scott Bessent announced that the US President Donald Trump and Chinese President Xi Jinping will hold discussions in South Korea. This confirmation comes just days after Trump had considered calling off the meeting due to his criticism of China's decision to implement export restrictions on rare earth materials.
According to reports, Bessent shared these details while Trump prepares for his upcoming visit to South Korea this month. The meeting will take place as South Korea prepares to welcome the Asia-Pacific Economic Cooperation (APEC) summit, scheduled to occur in Gyeongju, a city in the southeastern region, from October 31 through November 1.
Bessent said Oct. 13 that the Trump administration and China had "substantial communication" over the weekend after Trump threatened to impose a new 100 percent tariff on imports from China that would take effect Nov. 1.
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"He will be meeting with Party Chair Xi in Korea. I believe that meeting will still be on," Bessent said. "The idea is to give them time to meet and work this out."
The scheduled meeting with Xi is planned to take place during the Asia-Pacific Economic Cooperation summit in South Korea on October 31 and November 1.
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According to Bessent, Trump currently thinks that China's recent restrictions on rare earth mineral exports, which prompted Trump's tariff warnings, may have originated from a "subordinate official" rather than Xi himself.
In a Truth Social post from October 12, Trump indicated that the Chinese situation would resolve positively. "Don't worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn't want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!" Trump posted.
Nevertheless, Bessent described China's decision to announce the broadened export restrictions on the same day that Trump revealed a highly anticipated peace agreement between Hamas and Israel to halt the conflict in Gaza as "extremely inappropriate."
Bessent indicated that officials from the Trump administration intend to engage in discussions with Beijing representatives this week, and he himself plans to communicate with his Chinese equivalent before Trump's meeting with Xi. He noted that Trump retains the option to decide against implementing the tariffs.
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"The 100 percent tariff does not have to happen," Bessent said. "The relationship, despite this announcement last week, is good. Lines of communication have reopened, so we'll see where it goes."