Trump, Xi Likely to Speak Soon on Minerals Trade Dispute, Treasury’s Bessent Says

US Secretary of Treasury Scott Bessent looks on as US President Donald Trump speaks during a news conference with Elon Musk in the Oval Office of the White House in Washington, DC, on May 30, 2025. (AFP)
US Secretary of Treasury Scott Bessent looks on as US President Donald Trump speaks during a news conference with Elon Musk in the Oval Office of the White House in Washington, DC, on May 30, 2025. (AFP)
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Trump, Xi Likely to Speak Soon on Minerals Trade Dispute, Treasury’s Bessent Says

US Secretary of Treasury Scott Bessent looks on as US President Donald Trump speaks during a news conference with Elon Musk in the Oval Office of the White House in Washington, DC, on May 30, 2025. (AFP)
US Secretary of Treasury Scott Bessent looks on as US President Donald Trump speaks during a news conference with Elon Musk in the Oval Office of the White House in Washington, DC, on May 30, 2025. (AFP)

US Treasury Secretary Scott Bessent said he believes President Donald Trump and Chinese President Xi Jinping will speak soon to iron out trade issues including a dispute over critical minerals.

President Donald Trump on Friday accused China of violating an agreement with the US to mutually roll back tariffs and trade restrictions for critical minerals.

"What China is doing is they are holding back products that are essential for the industrial supply chains of India, of Europe. And that is not what a reliable partner does," Bessent said in an interview on Sunday with CBS' "Face the Nation."

"I am confident that when President Trump and Party Chairman Xi have a call, that this will be ironed out. But the fact that they are withholding some of the products that they agreed to release during our agreement - maybe it's a glitch in the Chinese system, maybe it's intentional. We'll see after the President speaks with the party chairman."

Trump said on Friday he was sure that he would speak to Xi. China said in April that the two leaders had not had a conversation recently.

Asked if a talk with Xi was on Trump's schedule, Bessent said, "I believe we'll see something very soon."



China Retaliates to EU Ban with Import Restrictions on Medical Devices

People walk along Qianmen promenade in Beijing on July 5, 2025. (Photo by Adek BERRY / AFP)
People walk along Qianmen promenade in Beijing on July 5, 2025. (Photo by Adek BERRY / AFP)
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China Retaliates to EU Ban with Import Restrictions on Medical Devices

People walk along Qianmen promenade in Beijing on July 5, 2025. (Photo by Adek BERRY / AFP)
People walk along Qianmen promenade in Beijing on July 5, 2025. (Photo by Adek BERRY / AFP)

China's finance ministry said on Sunday it was restricting government purchases of medical devices from the European Union that exceed 45 million yuan ($6.3 million) in value, in retaliation to Brussels' own curbs last month.

Tensions between Beijing and Brussels have been rising, with the European Union imposing tariffs on China-built electric vehicles and Beijing slapping duties on imported brandy from the bloc.

The European Union said last month it was barring Chinese companies from participating in EU public tenders for medical devices worth 60 billion euros ($70 billion) or more per year after concluding that EU firms were not given fair access in China.

The measure announced by the European Commission was the first under the EU's International Procurement Instrument, which entered into force in 2022 and is designed to ensure reciprocal market access.

China's countermeasures were expected after its commerce ministry flagged "necessary steps" against the EU move late last month.

"Regrettably, despite China's goodwill and sincerity, the EU has insisted on going its own way, taking restrictive measures and building new protectionist barriers," Reuters quoted the commerce ministry as saying in a separate statement on Sunday.

"Therefore, China has no choice but to adopt reciprocal restrictive measures."
The EU delegation office in Beijing did not immediately respond to a request for comment.

China will also restrict imports of medical devices from other countries that contain EU-made components worth more than 50% of the contract value, the finance ministry said. The measures come into force on Sunday.

The commerce ministry said products from European companies in China were not affected.

The world's second- and third-largest economies are due to hold a leaders' summit in China later in July.