China, US to hold new round of economic talks next week

Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent agreed during a video call Saturday to hold a new round of economic talks in person next week.

Bessent said he has held "frank and detailed discussions regarding trade between the United States and China" with He, on the US social media company, X.

Bessent said both sides will meet in person next week to continue discussions.

The Chinese government said Washington and Beijing agreed to hold the new round of economic and trade consultations "as soon as possible," according to a statement.

The two sides held "candid, in-depth, and constructive exchanges on implementing the important consensus reached by the two heads of state during their phone talks since the start of this year and key issues in bilateral economic and trade relations," it added.

US Trade Representative Jamieson Greer also participated in the call.

The video call comes as US-China trade relations had a rough week after US President Donald Trump threatened to impose an additional 100% tariff on Chinese imports in response to Beijing's new export restrictions.

On Oct. 10, China expanded its rare earth export restrictions to include the military use of the minerals, the first time it had taken the measure.

After Trump threatened to impose 100% tariffs, he later hinted that he would not carry out his pledge to impose a "massive increase of tariffs" on China.

On Thursday, when asked in a Fox Business interview if the threatened 100% tariff could be sustained, Trump said: "It's not sustainable, but that's what the number is."

"It's probably not, you know, it could stand, but they forced me to do that," Trump said. "I think we're going to do fine with China."