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."



Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
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Foreign Start-ups Double in Saudi Market

Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups
Saudi Arabia’s LEAP conference becomes top magnet for tech start-ups

The number of foreign start‑ups holding Saudi Arabia’s “Riyadi” entrepreneurship license has more than doubled to 550 by mid‑2025, up 118 % from the same period a year earlier, the Investment Ministry said.

The Riyadi permit lets overseas founders launch and scale technology and innovation‑focused companies in the kingdom. Officials say the surge reflects a government push to position Saudi Arabia as the Gulf’s start‑up hub by easing market entry and offering flexible regulation.

The General Authority for Small and Medium Enterprises (Monsha’at) has meanwhile issued 364 licenses for business incubators and accelerators, helping international entrepreneurs develop prototypes, find mentors and connect with investors.

Flagship tech gatherings such as Biban and LEAP in Riyadh – along with Saudi delegations to global events including Web Summit, VivaTech and Slush – have burnished the kingdom’s credentials as a magnet for venture capital and talent, the ministry said.

The momentum comes as Riyadh chases the economic‑diversification goals of its Vision 2030 plan. The government is targeting $100 billion a year in foreign direct investment (FDI) by 2030.

Overall investment licensing jumped 67.7 % last year. In the fourth quarter of 2024 alone, Saudi Arabia issued 4,615 licenses, up 59.9 % year on year.

Net FDI inflows moderated to 16.0 billion riyals ($4.27 billion) in the third quarter of 2024, 24 % lower than a year earlier but 37 % higher than the previous quarter’s 11.7 billion riyals ($3.12 billion), according to General Authority for Statistics data.

Saudi officials say the Riyadi license is integral to diversifying the economy, fostering innovation and embedding an entrepreneurial culture.