US Treasury Secretary Scott Bessent said he believes that Presidents Donald Trump (US) and Xi Jinping (China) will speak to resolve trade issues, including a dispute over essential minerals. “I believe we will see something very soon,” the official said in a context of new attacks made by the US president, accusing the Asian country of violating an agreement to reduce tariffs and trade restrictions on essential minerals mutually.
Significantly, the two countries have agreed to a 90-day reduction in the so-called ‘reciprocal tariffs’. US tariffs on Chinese imports will decrease from 145% to 30%, and China’s tariffs on American products will fall from 125% to 10%.
To stop the trade war launched by the Trump administration, China had suspended the export 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 am confident that when President Trump and Chairman Xi get on the phone, this will be resolved,” Bessent continued. “But the fact that they are withholding some of the products that they agreed to release during our agreement – maybe it is a flaw in the Chinese system, maybe it is intentional. We will see after the president talks to the chairman of the party.” The interview was given to the CBS broadcaster.
Last Friday (30), Trump expressed his certainty about speaking to President Xi Jinping. In April, China had stated that the two leaders had not spoken recently, making the potential conversation even more significant.
The Asian country is at the forefront of those pursuing a foreign policy that counters the hegemony of the United States. And some statistics also explain some of the fears of Americans. In 2024, for example, China was among the ten countries that experienced the most growth, at a rate of 5%, according to official figures.
India came in first place (6.5%), followed by the Philippines (5.6%), Malaysia (5.1%), Indonesia (5.0%), and China (5.0%). Last year, China’s GDP totaled approximately 134.9 trillion yuan, equivalent to between $17 trillion and $19 trillion. Converted to reais, the value is over R$100.18 trillion.
In the first quarter of 2025, China’s economy expanded by 5.4% compared to the same quarter in 2024. The market estimated a 5.1% increase in China’s GDP.
Additionally, as part of its multilateral foreign policy, China was one of the countries that most strongly defended the expansion of the BRICS, based in the Asian country. And one of the primary debates within the bloc is the use of a common currency, which reduces dependence on the dollar for commercial transactions.
Currently, the BRICS is formed by Russia, India, China, South Africa, and Brazil. BRICS also includes partner countries, such as Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan.
Source: www.brasil247.com