A high-stakes phone call between President Donald Trump and Chinese President Xi Jinping could happen any day, as tensions escalate over trade disputes and rare mineral exports. U.S. Treasury Secretary Scott Bessent, a key figure in recent negotiations, signaled on national television that a breakthrough may hinge on this direct conversation between the two leaders.
Bessent, speaking on CBS’ “Face the Nation,” expressed confidence that Trump and Xi would speak “very soon” to address the latest flashpoint: China’s restrictions on exporting rare-earth elements, which are vital for global supply chains. “I anticipate that we will witness some developments very soon,” Bessent said, emphasizing the urgency of resolving the minerals dispute.
The White House confirmed Monday that a call is likely this week, following Trump’s public accusation that China “totally violated” a recent tariff truce. This truce, struck in Geneva last month, had temporarily eased tensions and sparked a rebound in global markets, but failed to resolve deeper issues around tariffs and trade barriers.
Bessent, who led the U.S. delegation in the Geneva talks, described progress since the agreement as “sluggish” and noted that China has withheld some exports promised under the deal. “Maybe it’s a glitch in the Chinese system, maybe it’s intentional—we’ll see after the president speaks with the party chairman,” he remarked.
With negotiations stalled and both sides imposing new tariffs, administration officials and market watchers are looking to the Trump-Xi call as a potential turning point. “Given the magnitude of the talks, given the complexity—this is going to require both leaders to weigh in with each other,” Bessent explained last week.
For now, the world waits to see if direct diplomacy can break the deadlock—or if the trade war is about to enter a new and even more unpredictable phase.
