U.S. and Chinese Economic Chiefs Hold Talks: Agree to Resume Trade Negotiations Soon

As tensions between the United States and China reignite, the top economic officials of both countries have initiated communication.

On October 17 (U.S. Eastern Time), U.S. Treasury Secretary Scott Besant announced at a U.S.-Ukraine summit held at the White House, "My counterpart, Vice Premier He Lifeng of China, and I are scheduled to have a phone conversation tonight between 8:30 and 9:00 p.m. We, along with our respective delegations, will likely meet in Malaysia about a week from tomorrow to prepare for the summit between the two leaders."

Secretary Besant stated, "I believe tensions have eased. I hope that China will show us the same respect that we have shown them," adding, "I am confident that President Trump, thanks to his relationship with President Xi Jinping, will be able to reset this situation in a positive direction."

With a summit between President Trump and President Xi Jinping under consideration to take place in Korea on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, which opens in Gyeongju on October 31, Secretary Besant and Vice Premier He have agreed to meet in person beforehand to coordinate the agenda for the summit.

China's Xinhua News Agency reported that the U.S. and Chinese delegations first held a video call. According to Xinhua, "On the morning of October 18, Beijing time (afternoon of October 17, U.S. Eastern Time), Vice Premier He Lifeng, the Chinese lead for economic and trade affairs, held a video call with U.S. Treasury Secretary Scott Besant and Jamison Greer, the U.S. Trade Representative (USTR)."

The agency reported, "Both sides engaged in frank, in-depth, and constructive exchanges on key issues in the economic and trade relationship, focusing on the implementation of major agreements reached by the two leaders during their calls this year. They agreed to hold a new round of U.S.-China economic and trade negotiations as soon as possible."