Top US, Chinese officials raise trade ‘concerns’ as Apec approaches

On the eve of an Asia-Pacific summit in China, where leaders are anticipated to meet, including a potential trilateral gathering with Trump, Xi, and Putin, top officials from the United States and China engaged in candid discussions regarding their contentious trade relationship. Treasury Secretary Scott Bessent and US Trade Representative Jamie Johansson Greer engaged in a call with Chinese Vice Premier He Lifeng to deliberate on economic and trade commitments made over the past year.

The American delegation emphasized the significance of China's prompt and comprehensive adherence to its commitments, while also expressing apprehension over recent Chinese actions. Conversely, China's He Lifeng voiced earnest concerns about the United States' imposition of economic and trade restrictions. The Beijing Commerce Ministry reported that the talks were both frank, thorough, and constructive.

The statement reiterated the necessity of concrete outcomes and the US's intent to meticulously evaluate China's implementation of the agreement, which initially emerged from a meeting between presidents Donald Trump and Xi Jinping in Busan, South Korea, during the Asia-Pacific Economic Cooperation (Apec) summit. China is set to host the Apec gathering from November 18-19 in Shenzhen.

China's commitment under the Busan agreement included purchasing US soybeans for the years 2025-2028, suspending new export controls on rare earths, and issuing general licenses for those materials' exports. The agreement was initially valid for a year but was extended until January 10, 2027. Both parties agreed to manage their differences responsibly and foster a stable US-China trade relationship.

Beijing's foreign ministry confirmed ongoing communication with Washington and Moscow regarding a potential trilateral meeting. The Chinese Commerce Ministry reiterated its firm opposition to new US sanctions against Cuba, which have impacted two Chinese companies. The ministry also stressed that Washington's recent sanctions escalation towards China contradicts the consensus set by Trump and Xi.

Trade experts attribute much of the discord to the volume of Chinese rare-earth exports, which are essential for manufacturing smartphones, automobiles, and military equipment.