The United States Treasury Secretary, Scott Bessent, said he believes Presidents Donald Trump (US) and Xi Jinping (China) will talk to resolve trade issues, including a dispute over essential minerals. “I believe we’ll see something very soon,” the official stated amid new attacks from the US president, accusing the Asian country of violating an agreement to mutually reduce tariffs and trade restrictions on essential minerals.
The two countries agreed to temporarily reduce the so-called “reciprocal tariffs” between them for 90 days. US tariffs on Chinese imports will decrease from 145% to 30%. China’s rates on American products will fall from 125% to 10%.
In an attempt to curb the trade war launched by the Trump administration, China had suspended exports of minerals and rare earths – tungsten, molybdenum, indium, bismuth and tellurium. These are components used in strategic areas of the North American industry such as defense, semiconductors, aerospace and automotive.
“I’m confident that when President Trump and Party President Xi talk on the phone, this will be resolved,” Bessent continued. “But the fact that they are withholding some of the products they agreed to release during our agreement – maybe a glitch in the Chinese system, maybe intentional. We’ll see after the president talks to the Party president.” The interview was given to CBS broadcaster.
Last Friday (30), Trump said he was certain he would speak with President Xi Jinping. China said in April that the two leaders had not spoken recently.
The Asian country is at the forefront among those pursuing an anti-hegemonic foreign policy against the US. And some statistical data also explain a bit of the North Americans’ fears. In 2024, for example, China was among the top ten fastest-growing countries – 5% rate, official figures indicated.
First place went to India (6.5%), followed by Philippines (5.6%), Malaysia (5.1%), Indonesia (5.0%) and China (5.0%). Last year, China’s total GDP amounted to about 134.9 trillion yuan, around US$ 17 trillion to US$ 19 trillion. Converted to reais, the value exceeds R$ 100.18 trillion.
In the first quarter of 2025, China’s economy grew 5.4%, compared to the same period last year. The market estimated a 5.1% increase in China’s GDP.
Also as part of a multilateral foreign policy, China was one of the countries that most advocated the expansion of Brics, hosted in the Asian country. And one of the main debates within the bloc is the use of a common currency, which reduces dollar dependence for commercial transactions.
Currently, Brics is formed by Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia and Iran. Brics also includes partner countries – Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan.
Source: www.brasil247.com