US President Donald Trump is still set to meet Chinese leader Xi Jinping in South Korea later this month, US Treasury Secretary Scott Bessent said, as Washington and Beijing work to ease tensions following renewed tariff and export control threats. Markets rebounded after Bessent confirmed continued communication between the two sides and upcoming staff-level talks in Washington on the sidelines of the World Bank and IMF meetings. He said the proposed 100 per cent tariffs on Chinese goods do not have to happen, adding that relations had substantially de-escalated. The planned Trump-Xi meeting at the Asia-Pacific Economic Cooperation summit in late October follows China's expansion of rare earth export controls and Trump's threat of triple-digit tariffs, which rattled global markets last week. China's Commerce Ministry confirmed a working-level meeting on Monday and a 90-day tariff extension, but warned Washington against "talks under threats." Both countries continue to trade blame for escalating tensions, with Beijing defending its export licensing rules and the US rejecting them outright. Despite the tough rhetoric, both sides signalled openness to dialogue, with China stating that "if the US wants to talk, China's door is open." Attribution: Reuters Subediting: Y.Yasser
