U.S. Treasury Secretary Bessent expressed confidence that President Donald Trump and Chinese President Xi Jinping will soon speak to resolve escalating trade tensions, particularly surrounding critical minerals vital to global supply chains. In an interview with CBS’ Face the Nation on Sunday, Bessent said he believes a call is imminent between the two leaders to address concerns over China’s recent export restrictions.
Trump on Friday accused China of breaching a prior agreement to ease tariffs and trade barriers on critical minerals, which are essential for manufacturing across industries in the U.S., Europe, and India. “What China is doing is they are holding back products that are essential for the industrial supply chains of India, of Europe. And that is not what a reliable partner does,” Bessent said.
He added that the delay could stem from a glitch in China’s system or could be a deliberate move, but clarity is expected once Trump and Xi speak. “I am confident that when President Trump and Party Chairman Xi have a call, this will be ironed out,” Bessent stated.
While Trump mentioned on Friday he was sure a conversation with Xi would happen soon, Chinese officials noted in April that no recent talks between the leaders had taken place. When asked directly if a call was scheduled, Bessent replied, “I believe we’ll see something very soon.”
The standoff over critical minerals, crucial for electric vehicles, defense technologies, and electronics, underscores the ongoing strategic rivalry between the U.S. and China. Market watchers are closely monitoring whether a diplomatic breakthrough can ease trade friction and stabilize global supply chains.