President Donald Trump is anticipated to make meaningful and measurable progress on two of the most urgent and politically significant issues confronting his administration this week—specifically, the long‑standing matter of tariffs and the growing controversy surrounding TikTok—during a highly scrutinized meeting with Chinese President Xi Jinping, which is scheduled to take place in South Korea. These discussions come at a strategically important juncture, as both nations face sustained economic pressures and are seeking to recalibrate elements of their trade relationship that have shaped global commerce for years.
In a Sunday appearance on CBS News’ “Face the Nation,” Treasury Secretary Scott Bessent provided a cautiously optimistic assessment of the current state of bilateral negotiations between Washington and Beijing. He affirmed that progress in the ongoing trade talks was tangible and emphasized that the previously threatened 100% tariff on Chinese goods—a measure President Trump had floated earlier in the month and one that was originally expected to become effective on November 1—was now, in his words, “effectively off the table.” Bessent’s remarks indicated a deliberate move away from escalation, a signal that both sides appear eager to prevent a renewed trade war that could unsettle international markets.
Accompanying President Trump on what has become an intensive, nearly week‑long diplomatic tour across Asia, Bessent’s itinerary extends beyond South Korea to include pivotal economic discussions in Malaysia and Japan. His journey underscores the administration’s intent to reinforce and diversify America’s strategic partnerships throughout the Asia‑Pacific region. During his interview, Bessent declined to disclose specific points of negotiation ahead of Thursday’s anticipated meeting between the two leaders, remarking only, “I’m not going to get ahead of the two leaders who will be meeting in Korea on Thursday, but I can tell you we had a very good two days.” This statement referred to his meeting with Chinese Vice Premier He Lifeng, which he described as productive and promising. Bessent went on to suggest that the threat of a 100% tariff increase had dissipated completely, as had the equally troubling possibility that Beijing might respond by imposing a global export control regime targeting critical materials such as rare earth elements.
In a separate interview aired on ABC News’ “This Week,” Bessent elaborated that the United States and China had established a “substantial framework” for advancing their trade negotiations. He credited the president’s earlier threat of severe tariffs with providing maximum leverage at the bargaining table, asserting that the administration’s firm stance had successfully deterred China from activating restrictive export controls that could have destabilized global supply chains. “The president had given me maximum leverage when he threatened 100% tariffs if the Chinese imposed their rare earth global export controls, so I think we have averted that,” Bessent explained, portraying the progress as both diplomatic and strategic in nature.
Echoing Bessent’s sentiments, Jamieson Greer, the U.S. Trade Representative, reiterated to reporters gathered in Malaysia that negotiations were nearing a decisive phase. According to coverage by *The New York Times*, Greer stated, “We are moving forward to the final details of the type of agreement that the leaders can review and decide if they want to conclude together.” His remarks conveyed confidence that a comprehensive accord might soon be ready for top‑level approval, setting the stage for what could become a landmark recalibration of U.S.–China trade relations.
Bessent also used his appearance on “Face the Nation” to preview an equally consequential development: a potential final agreement relating to the social media platform TikTok. The platform’s fate, long a flashpoint in Washington‑Beijing relations, may soon be resolved when Presidents Trump and Xi convene on Thursday. “We reached a final deal on TikTok,” Bessent declared. “We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea.” His statement suggested that all major technical and financial components of the agreement had been finalized ahead of the summit.
The deal in question centers on the requirement, set forth by a 2024 divest‑or‑ban law enacted earlier this year, that ByteDance—the Chinese owner of TikTok—must sell its U.S.‑based operations to prevent the app from being prohibited in the United States. Under the terms that have reportedly been shaped in recent months, a consortium of American companies and investors is poised to assume control of TikTok’s U.S. business. President Trump previously named technology magnate Larry Ellison and his firm, Oracle, as key participants in the acquisition, alongside Rupert Murdoch and Michael Dell, two other figures representing significant American private‑sector interests. Although ByteDance is expected to retain a minority equity position, the restructured ownership would effectively place operational authority in U.S. hands, aiming to address persistent national‑security and data‑privacy concerns.
As of press time, representatives from the White House declined to comment when contacted by *Business Insider* regarding the ongoing discussions or the potential economic and political impact of the deals under consideration. The convergence of developments regarding tariffs and the TikTok divestiture underscores the high stakes of this week’s summit in Korea—a meeting that could signal either the stabilization or the further polarization of one of the most consequential bilateral relationships on the planet.
Sourse: https://www.businessinsider.com/trump-china-tiktok-tariffs-deals-scott-bessent-2025-10
