Trump and Xi to Speak Soon on Trade, Minerals Amid Renewed Tensions, Says Bessent

Washington, D.C. — U.S. Treasury Secretary Bessent said Sunday he believes President Donald Trump and Chinese President Xi Jinping will speak soon to address escalating trade tensions, particularly a dispute over critical minerals essential to global supply chains.

His comments follow accusations by Trump on Friday that China has violated a mutual agreement to roll back tariffs and export restrictions on key industrial materials.

“What China is doing is holding back products that are essential for the industrial supply chains of India, Europe, and others. That’s not what a reliable partner does,” Bessent said during an interview on CBS’ Face the Nation. “I’m confident that when President Trump and Party Chairman Xi speak, this will be resolved.”

Bessent acknowledged the possibility of either a miscommunication or a deliberate move by Beijing. “They agreed to release these products as part of our trade deal. Whether this is a glitch in the Chinese system or an intentional act remains to be seen. We’ll know more after the President’s call with Chairman Xi.”

President Trump said Friday he was confident a conversation with Xi would take place soon, although Chinese officials said in April that no recent contact had occurred between the two leaders.

The disagreement centers on China’s export restrictions on critical minerals—materials vital to the production of electronics, defense systems, and renewable energy technologies. Western allies have increasingly voiced concern over China’s dominance in these markets and its potential to weaponize supply chains for geopolitical leverage.

The anticipated Trump-Xi call could mark a crucial moment for easing tensions and ensuring access to strategic resources for the U.S. and its partners.