Trump open to meeting Xi Jinping amid efforts to avoid trade war escalation, says Treasury Secretary Scott Bessent

US President Donald Trump is ready to meet Chinese President Xi Jinping, with officials from both countries working to arrange the high-level meeting, Treasury Secretary Scott Bessent said on Wednesday.

In an interview with CNBC, Bessent said Washington’s goal was to stabilize relations with Beijing rather than escalate tensions. “We do not want to escalate a conflict with China, and we do not want to decouple from the second-largest economy in the world,” he said.

Meeting planned at APEC Summit

The Asia-Pacific Economic Cooperation (APEC) summit will take place in South Korea on October 31 and November 1.

Bessent emphasized that the working relationship and “trust” between Trump and Xi have helped prevent the ongoing trade dispute from worsening. “It’s because of that trust that the trade conflict has not escalated further,” he noted.

The comments come amid renewed friction between the two economic powers over tariffs and technology exports. A potential Trump–Xi meeting would mark the first direct engagement between the leaders since Trump’s return to office and could signal a bid to stabilize global trade ties.

Trump’s upcoming meeting with Xi Jinping this month has been thrown into doubt after a fresh round of sharp exchanges over trade and export controls reignited tensions between Washington and Beijing.

Bessent earlier speaking with Fox News criticized Beijing’s timing in announcing new export restrictions, calling it “highly inappropriate” for China to do so on the same day Trump unveiled his Middle East peace deal between Hamas and Israel.

Tariff threats and rising friction

On October 11, Trump had threatened to skip the meeting and impose a 100% tariff on all Chinese imports effective November 1, in retaliation for Beijing’s expanded export controls on rare earth elements and other strategic materials.

Trump softens his tone

Trump, posting on Truth Social the following day, appeared to soften his tone, writing: “Don’t worry about China, it will all be fine! Highly respected President Xi just had a bad moment. He doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”

China’s defiant response

In a statement on October 14, the Chinese Commerce Ministry said Beijing was prepared to respond firmly if Washington escalates the trade conflict.

“If you wish to fight, we shall fight to the end; if you wish to negotiate, our door remains open,” a ministry spokesperson said.

The statement followed Trump’s accusation that China’s actions were “hostile and unprecedented.”

Market reaction

US stock markets, which tumbled after Trump’s initial tariff threats, rebounded sharply on October 13 as the administration softened its rhetoric toward China.