Scott Bessent suggests summit between Trump and Xi Jinping on tariffs: ‘We'll see something very soon’

Treasury Secretary Scott Bessent said Sunday that trade tensions between the United States and China could be resolved after a meeting between Presidents Donald Trump and Xi Jinping that would take place "very soon."

Trump reignited tariff disputes with China on Friday by accusing Beijing of not respecting the terms of the de-escalation agreement negotiated between the two countries on May 12 in Geneva.

Washington and Beijing had reached an agreement to temporarily suspend the trade escalation, which had raised tariffs on U.S. goods to 125% and on Chinese products to 145%.

After two days of meetings, the two powers agreed to temporarily reduce their tariffs to 30% and 10%, respectively, and pledged to continue talks to reach a trade deal.

"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. I am confident that when President Trump and Party Chairman Xi have a call, that this will be ironed out," Bessent told CBS.

According to The Wall Street Journal, the problem stems from China moving slowly in granting new export licenses for rare earths and other necessary components for semiconductors and automobiles.

"But the fact that they are withholding some of the products that they agreed to release during our agreement - maybe it's a glitch in the Chinese system, maybe it's intentional. We'll see after the President speaks with the party chairman," Bessent added, referring to the rare earths issue.

Asked when the meeting would take place, the Treasury secretary replied, "I believe we'll see something very soon."

"I think [China] is just taking time to implement the agreement. ... We're taking certain steps to show them our view on it," Commerce Secretary Howard Lutnick said in turn in another televised interview.

"Our president knows what he has to do and he will find a solution, I'm sure of it," he added.