Trade talks between the U.S. and Chinese delegations in Malaysia on Saturday were “very constructive,” a U.S. Treasury spokesperson said, the Financial Times reported.
Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent reportedly met on the sidelines of the ASEAN summit in Kuala Lumpur to avoid a trade war between the two countries.
Earlier this week, China’s Ministry of Commerce announced that Vice Premier He would lead a delegation to talks with the United States in Malaysia from October 24 to 27.
On October 9, China’s Ministry of Commerce announced that starting November 8, export controls will be imposed on a number of items related to medium and heavy rare earth elements, lithium batteries and artificial graphite anode materials, rare earth metal mining and processing equipment, raw materials, and ultra-high strength materials.
The next day, US President Donald Trump threatened to impose 100% tariffs on imports from China and introduce export controls on critical software starting November 1. On October 13, Treasury Secretary Scott Bessent said the United States may delay imposing new tariffs until President Trump and Chinese President Xi Jinping meet in South Korea to give them time to resolve the issue.
MNA/