China 'ready' to have new round of trade negotiations with US 'as soon as possible'

China has expressed its willingness to conduct a fresh round of negotiations on trade with the US “as soon as possible” as tensions between the two countries simmer and leaders try to avoid another battle of tit-for-tat tariffs.

The announcement came following a video call between Beijing’s chief negotiator, Vice Premier He Lifeng, and US Treasury Secretary Scott Bessent, which involved “candid, in-depth and constructive exchanges”, state news agency Xinhua said.

Earlier this month, US President Donald Trump threatened to impose an additional 100 per cent tariff on Beijing after China’s announcement that it would expand its rare earths export controls, adding five new elements and extra scrutiny for semiconductor users as Beijing tightens control over the sector.

Potus also said at the time that he would “not” meet his Chinese counterpart, Xi Jinping, as planned before, due to the rising trade tensions. However, the meeting between the two in South Korea seems to be on track now.

‘Not sustainable’

In a turn of events, Trump has now backtracked from his previous statement and said that a 100 per cent tariff on Chinese goods is “unsustainable”. He, however, maintained that he was “forced” to say such a high number.

Asked whether such a high tariff was sustainable and what that might do to the U.S. economy, Trump replied: “It’s not sustainable, but that’s what the number is.”

“They forced me to do that,” he said in an interview with Fox Business Network that was broadcast on Friday.

Trump also has threatened to impose new US export controls that would halt supplies of “any and all critical software.”

Bessent to meet Chinese Vice Premier

US Treasury Secretary Scott Bessent said Friday that he would likely meet Chinese Vice Premier He Lifeng next week to prepare for the upcoming high-stakes talks between the presidents of the world’s two biggest economies.

Bessent told reporters at the White House on Friday that he believed “things have de-escalated” between both countries.

He added that he would speak to China’s He later on Friday before both of them “meet in Malaysia, probably a week from tomorrow, to prepare for the two presidents to meet.”

Bessent previously accused China of seeking to hurt the world economy with its new rare earth controls.

With inputs from agencies