Treasury Secretary Scott Bessent believes that trade talks between the U.S. and China could experience a “big breakthrough” when he meets with Vice Premier He Lifeng at the APEC (Asia-Pacific Economic Cooperation) Summit in South Korea.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Bessent added that “The most important thing we’re going to see” is a planned meeting between President Trump and Chinese President Xi Jinping at the same event.
Soybeans Emerge as Bargaining Chip Ahead of Trump–Xi Meeting
However, Bessent said that it was “unfortunate” that China had decided to use soybeans as a trade bargaining chip. Earlier this week, Trump accused the country of slowing down U.S. soybean purchases, hurting domestic farmers in the process.
“I’ll be meeting with President Xi, of China, in four weeks, and Soybeans will be a major topic of discussion,” Trump said in a Truth Social post. The U.S.-China tariff truce is set to expire on November 10.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.