Scott Bessent To Speak With Chinese Vice Premier Later Today Amid Ongoing Trade Tensions: Report

Treasury Secretary Scott Bessent is reportedly set to speak by phone with the Chinese Vice Premier He Lifeng on Thursday to discuss ongoing trade negotiations.

According to a CNBC report, the timing of the call and specific agenda items were not disclosed. The report of the meeting follows comments by President Donald Trump, who, in an interview with Fox Business News, emphasized the importance of securing a “fair deal” with China. “I think we’re going to be fine with China, but we have to have a fair deal. It’s got to be hair,” Trump said.

Trade tensions between the two countries heightened last week after Trump posted on Truth Social that the U.S. may impose 100% tariffs on China. At the time, the U.S. President also hinted that he may call off the meeting with Chinese President Xi Jinping in South Korea on October 29. However, in the Friday interview, Trump confirmed that he will be meeting with Jinping in two weeks.

Officials from the administration this week have been backing Trump’s narrative, with Bessent saying that there are things “more powerful” than China’s rare earth export controls and Trade Representative Jameison Greer hinting that the U.S. may increase its stake in rare earth companies. 

Trump has accused China of sending a “hostlie letter to the world” outlining export restrictions on nearly every industrial product. His narrative pegs China’s actions as part of a long-planned effort to expand its leverage over global trade. Meanwhile, China has hit back, stating that the U.S. has created a global panic over rare earth controls. 

The scheduled conversation between Bessent and Lifeng could signal progress in the U.S.-China relationship, said CNBC.

U.S. equities pared earlier losses in pre-market trade Friday following Trump’s comments and the report of Treasury Secretary Bessent’s planned meeting. The SPDR S&P 500 ETF (SPY) was still down 0.68%, the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.15%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) remained in the red, down 0.23%. However, retail sentiment around QQQ on Stocktwits dipped lower within ‘bearish’ territory amid ‘high’ levels of chatter over the past day. 

Read also: Bitcoin Falls Below $105,000, Pulling MSTR Lower – XRP And Solana Drop Amid Banking Jitters

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