WASHINGTON, Oct 23 – The United States and China will hold another round of high-level trade talks this weekend in Malaysia to pave the way for a meeting between the presidents of the world’s two largest economies, Treasury Secretary Scott Bessent said Wednesday.
“I’m leaving this evening. (U.S. Trade Representative) Jamieson Greer is already on his way to Kuala Lumpur,” Bessent told Fox Business Network, adding their talks with a Chinese delegation led by Vice Premier He Lifeng will take place on Saturday and Sunday in the Southeast Asian country.
Bessent said his team is hoping to iron out some differences with Chinese officials so President Donald Trump and Chinese President Xi Jinping “can enter their talks on a more positive note.”
“It would be a shame to waste their first in-person meeting during President Trump’s second term,” he said, noting that both sides are seeking to overcome some obstacles and move toward “more constructive dialogue between the U.S. and China.”
Trump has expressed confidence about striking deals with Xi, without providing a basis for his optimism.
On Wednesday, Trump told reporters at the White House, “We’ll make a deal on I think everything,” ranging from one on China’s resumption of soybean imports from the United States to “maybe even” one regarding nuclear disarmament.
Trump suggested there will at least be an agreement on rare earth minerals. During the planned meeting, which Trump said is likely to be long, he also plans to discuss with Xi how to end Russia’s war in Ukraine.
“I think he can have a big influence on (Russian President Vladimir) Putin,” Trump said.
Trump, after visiting Malaysia and Japan, and Xi are both set to travel to South Korea for an Asia-Pacific economic summit next week.
Bessent made it clear that Trump is now “scheduled to do a pull-aside” meeting with Xi then.
Their fifth round of high-level trade discussions since spring comes amid a fresh flare-up in bilateral tensions.
China announced new export controls on rare earth elements earlier this month and Trump threatened to impose an additional 100 percent tariff on goods from the Asian economic powerhouse in retaliation.
Trump is set to depart later this week for his first trip to Asia since returning to the White House in January.
The State Department said Secretary of State Marco Rubio will travel to Malaysia, Japan and South Korea from Sunday to Oct. 30. Before traveling to Asia, it said Rubio will make a four-day trip to Israel through Saturday.
