Treasury Secretary Scott Bessent on Monday revealed that the meeting between President Trump and President Xi of China is still on, despite a threat from Trump on Friday that China's recent export control announcement would result in a 100 percent tariff "over and above any Tariff that they are currently paying," by the United States and export controls on critical software.
“He will be meeting with party chair Xi in Korea — I believe that meeting will still be on,” Bessent told Fox Business in an interview after China began to backpedal its policy, which would go into effect on November 1st.
“This is China versus the world — they have pointed a bazooka at the supply chains and the industrial base of the entire free world, and we’re not going to have it,” Bessent continued. “A group of bureaucrats in China cannot tell us and our allies how to run our supply system.”
China’s new export controls were a provocative move, signaling a “China versus the rest of the world” posture.
— Treasury Secretary Scott Bessent (@SecScottBessent) October 13, 2025
Under @POTUS’ leadership, the U.S. has pushed back, substantially de-escalated the situation, and is engaging directly with China through diplomacy, open lines of… pic.twitter.com/OqaYC1Psqq
China’s Commerce Ministry stated Sunday that the new regulations should not be viewed as export bans, adding that enforcement could allow for some flexibility, including “license exemptions to effectively promote legitimate trade.”
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On Friday, President Trump posted to Truth Social:
November 1st, 2025, impose large scale Export Controls on virtually every product they make, and some not even made by them. This affects ALL Countries, without exception, and was obviously a plan devised by them years ago. It is absolutely unheard of in International Trade, and a moral disgrace in dealing with other Nations.
Based on the fact that China has taken this unprecedented position, and speaking only for the U.S.A., and not other Nations who were similarly threatened, starting November 1st, 2025 (or sooner, depending on any further actions or changes taken by China), the United States of America will impose a Tariff of 100% on China, over and above any Tariff that they are currently paying. Also on November 1st, we will impose Export Controls on any and all critical software.
It is impossible to believe that China would have taken such an action, but they have, and the rest is History. Thank you for your attention to this matter!
DONALD J. TRUMP
PRESIDENT OF THE UNITED STATES OF AMERICA
China announced export controls on rare earth minerals on Thursday, a resource highly sought after by American companies, in the wake of Hamas' agreement to President Trump's proposed peace plan.
President Trump's initial post on Truth Social, Friday morning, read, "Some very strange things are happening in China! They are becoming very hostile, and sending letters to Countries throughout the World, that they want to impose Export Controls on each and every element of production having to do with Rare Earths, and virtually anything else they can think of, even if it’s not manufactured in China."
U.S. markets plummeted on Friday over renewed fears of a trade war with China. They have since begun to recover.
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