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

Beijing, China is hosting this year's Asia-Pacific Economic Cooperation (Apec) summit on November 18-19, where President Trump, Chinese President Xi Jinping, and Russian President Vladimir Putin may meet. Ahead of the gathering, top officials from the United States and China held frank discussions about their contentious trade relationship.

Treasury Secretary Scott Bessent and US Trade Representative Jamie Pressley spoke with Chinese Vice Premier He Lifeng on Friday, reviewing economic and trade commitments made over the past year. The Americans emphasized China's need to fully and immediately implement its commitments, while voicing concerns over recent restrictive measures imposed by the United States.

China's He Lifeng expressed serious concerns about US economic and trade actions, but the talks were described as frank, in-depth, and constructive. The statement highlighted the importance of concrete results and emphasized that the United States will closely assess China's implementation of the arrangement. This discussion comes in the context of the Busan agreement from October 2025, which required China to purchase US soybeans and suspend new export controls on rare earths.

China has agreed to issue general licenses for exports of these materials, with the agreement initially covering one year and the parties extending the ceasefire until January 10, 2027. During their call, both sides pledged to manage differences and promote a stable US-China trade relationship. China reiterated its firm opposition to new US sanctions targeting Cuba, affecting two Chinese companies, and stressed that Washington's recent sanctions escalation ran counter to the consensus reached by Trump and Xi.

Trade experts point to the level of Chinese rare-earth exports as one of the main sources of friction, as these materials are essential for producing smartphones, automobiles, and military equipment.