Bessent Meets He Lifeng in Switzerland: "China Is Keeping Its Promises"

Meeting Held in Switzerland During WEF
"China Keeps Its Promises on Soybeans and Rare Earths"
Increased Likelihood of Trump-Xi Summit in April

Scott Bessent, U.S. Secretary of the Treasury.

Scott Bessent, U.S. Secretary of the Treasury, announced on the 20th (local time) that he met with Chinese Vice Premier He Lifeng on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland. He stated, "China is keeping its promises." With a "big event"-a U.S.-China summit-scheduled to take place in Beijing this April, it appears that at least a minimal level of trust has been established between the two countries.

In an interview with Fox Business conducted in Davos, Secretary Bessent said, "Last night, I met with my Chinese counterpart in Davos," adding, "China has fulfilled every commitment it made." During the U.S.-China trade negotiations at the end of October last year, China pledged to resume purchases of U.S. soybeans and the supply of rare earth metals, and the Chinese government is being credited for faithfully carrying out these promises.

Secretary Bessent also stated, "The U.S. government expects China's soybean purchases to reach around 25 million tons in 2026," and added, "If China buys a bit more, it will further satisfy the U.S. President."

For President Donald Trump, who faces the so-called "midterm evaluation" with the midterm elections coming up in November this year, American soybean farmers represent a key voting bloc. If the Republican Party loses its majority in the U.S. House of Representatives to the opposition Democratic Party, the administration's ability to pursue its policies will be weakened, and President Trump could also face greater legal risks personally.

Secretary Bessent further noted, "Chinese rare earth metals are being supplied as expected, with a fulfillment rate in the 90% range," and described this as "a highly satisfactory level." Rare earth metals, of which China is known to supply about 90% of the global total, are essential minerals widely used in industries and military supplies.

This high-level meeting is an extension of the months-long power competition between the two countries. Secretary Bessent and Vice Premier He Lifeng have met several times for negotiations since last May, starting in Geneva and continuing in cities such as London, Stockholm, Madrid, and Kuala Lumpur.

The Hong Kong daily South China Morning Post (SCMP) reported, "Taken together, Secretary Bessent's remarks signal that the conditions are now in place to push for a summit between President Trump and Chinese President Xi Jinping in Beijing this April."

President Trump announced via his social networking service Truth Social in November last year that he would visit China in April this year, and that President Xi Jinping would make a state visit to the United States by the end of this year. However, China has not yet made any official announcement regarding President Xi's acceptance of President Trump's invitation to visit the U.S.