Treasury Secretary Scott Bessent told NBC’s Meet the Press that the latest threat of massive escalation in the U.S.–China trade war is likely off – days ahead of the November 1 deadline. The U.S. had threatened to impose a new, additional 100% tariff on Chinese goods, and Beijing’s threatened retaliation included restricting the export of vital “rare earth” minerals. Bessent said Sunday morning that the two sides have again parlayed the bombastic threats into further negotiations. He assured exporters and manufacturers that fear of massive tariffs on China and loss of access to critical minerals is “old news,” and U.S. and Chinese negotiators have prepared a “framework” deal for the two presidents as Trump and Xi plan to meet in South Korea on Thursday. “President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs on November 1,” Bessent said. “I’m also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese had discussed. But, again, my counterpart, the vice-premier and I, have set the framework and it will be up to the two leaders to discuss the final terms.”

KRISTEN WELKER: You are there meeting with your Chinese counterparts ahead of President Trump’s planned meeting with President Xi of China. Mr. Secretary, do you believe that China is ready to make a trade deal? SECRETARY SCOTT BESSENT: Kristen, I can tell you they are because we just finished two days of negotiations and we created a framework for the two leaders to discuss on Thursday in Korea. KRISTEN WELKER: So that’s optimism. President Trump had threatened to impose an additional 100% tariff on China on November 1st if Beijing goes forward with a plan to put restrictions on rare earth minerals, as you know. If China refuses to pull back those restrictions, Mr. Secretary, can you confirm that President Trump will in fact impose those 100% tariffs against China? SECRETARY SCOTT BESSENT: Well, Kristen, I think that’s old news. President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs on November 1. And I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese. I think we will be able to discuss them helping us get this terrible fentanyl crisis under control. I think we are going to be able to discuss substantial soybean and ag purchases for our American farmers. I think we are going to be able to discuss more balanced trade. And I’m not going to get ahead of the two leaders, but I think that they will also be discussing President Trump’s global peace plan that he’s been so successful at, both here in Asia, the Middle East. And now he’s looking to Ukraine/Russia. KRISTEN WELKER: Mr. Secretary, you said a couple of significant things. It sounds like you’re saying you are not anticipating a 100% tariff against China on November 1st. And seems like you’re saying that China is poised to purchase soybeans to open up those markets again? SECRETARY SCOTT BESSENT: I believe that we have the framework for the two leaders to have a very productive meeting for both sides. And I think it will be fantastic for U.S. citizens, for U.S. farmers, and for our country in general. KRISTEN WELKER: Okay. But you’re not anticipating the 100% tariffs? SECRETARY SCOTT BESSENT: No, I’m not. And I’m also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese had discussed. But, again, my counterpart, the vice-premier and I, have set the framework and it will be up to the two leaders to discuss the final terms.

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