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U.S. President Donald Trump said Wednesday that it was “extremely hard” to make a deal with his Chinese counterpart Xi Jinping, at a time when the White House has been suggesting the two leaders could talk this week amid rising trade tensions, wrote CNBC.
Scott Bessent, U.S. treasury secretary, said Thursday stateside that trade talks were “a bit stalled,” and the two countries’ leaders would likely need to weigh in. On Monday, a senior White House official told CNBC that Trump and Xi were likely to speak this week.
Washington and Beijing have blamed each other for violating a trade agreement reached in Switzerland on May 12. The deal included a 90-day suspension of most tariffs, as well as broad repeal of trade countermeasures by China against the U.S. imposed since early April.
It's not being publicly advertised, but access to rare earths is playing an outsized role in resurgent U.S.-China trade tensions. Following last month's détente in Geneva, it was apparently agreed that both sides would roll back retaliatory tariffs imposed since April 2, but there has been disagreement over export controls and sector-specific levies. China appears to be keeping in place a strict approvals process on rare earths that are used in everything from commercial vehicles to military equipment, while the U.S. has increased tariffs on steel and aluminum to 50%, writes Seeking Alpha.
Trump also recently posted against Chinese policies: "China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!"
The tariff issue will be central to combatting Beijing's desire to be the global hegemon.
Welcome to the real world. Mr. deal maker.