Bessent meets China’s He Lifeng in Davos, praises trade progress on soybeans, rare earths
AI Summary
US Treasury Secretary Scott Bessent met with Chinese Vice-Premier He Lifeng at the World Economic Forum in Davos on Monday. This meeting was part of a series of negotiations between the two nations' top trade officials, who have been working to address heightened trade tensions. In May, they met in Geneva and followed up with sessions in London, Stockholm, Madrid, and Kuala Lumpur. Bessent reported that China has fulfilled its commitment to purchase US soybeans, with plans to buy 25 million tons in the coming year. He noted that while this is a significant step forward, he suggested China could "buy a little more" due to President Donald Trump's frequent discussions of this topic with Chinese President Xi Jinping.
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