“[Kuala Lumpur=Xinhua/Newsis] U.S. Treasury Secretary Scott Besent (left) and Chinese Vice Premier He Lifeng are taking a commemorative photo ahead of the 5th trade negotiations on the 25th (local time) in Kuala Lumpur, Malaysia. 2025.10.27”
“[Seoul=Newsis] Reporter Lee Jae-jun: High-ranking economic officials from the United States and China have met in Paris, France, to discuss trade issues and prepare for the summit meeting scheduled for the end of this month.”
“Delegations from both countries have held talks on the 15th (local time) at the Paris headquarters of the Organisation for Economic Co-operation and Development (OECD) to review the implementation status of the trade truce and discuss ways to stabilize U.S.-China economic relations.”
“The talks are scheduled over two days, with the first day involving more than 6 hours of negotiation. The negotiations will resume on the morning of the 16th.”
“This negotiation is largely preparatory for the summit between President Donald Trump and President Xi Jinping which is to take place during Trump’s visit to China on the 31st.”
“On the U.S. side, Treasury Secretary Scott Besent and U.S. Trade Representative (USTR) Representative Jamison Greer are leading the negotiations.”
“Leading the Chinese delegation is Vice Premier He Lifeng of the State Council. Vice Minister Li Chenggang, in charge of trade negotiations at the Ministry of Commerce, and Vice Minister Liao Min of the Ministry of Finance are also part of the delegation.”
“According to U.S. Treasury Department officials, lengthy discussions were held between the two sides, but the atmosphere or specific topics discussed in the talks have not been disclosed.”
“The Chinese delegation also did not respond to reporters’ questions after the talks.”
“The main agenda for this negotiation is key issues in the trade conflict between the two countries. It is believed they discussed tariffs the U.S. has imposed on Chinese goods, the supply of rare earth minerals and magnets produced by China to the U.S., U.S. controls on exporting advanced technology, and expanding China’s purchase of U.S. agricultural products.”
“Before departing for Paris, Greer explained the objectives of the negotiation in an interview with CNBC.”
“He stated that it is important to ensure a stable supply of rare earths necessary for U.S. manufacturing, continue the import of goods that China must buy from the U.S., and create an environment for the countries’ leaders to discuss the direction of their relations.”
“Greer emphasized that maintaining stability in the U.S.-China relationship is the core objective of the negotiation.”
“Treasury Secretary Besent, Vice Premier He, Representative Greer, and Vice Minister Li Chenggang have also met in several European cities last year to conduct negotiations aimed at easing trade tensions.”
“There is speculation that the Paris negotiations also reviewed the implementation status of the U.S.–China trade truce agreed upon by President Trump and President Xi last October in Busan.”
“According to the agreement then, the U.S. agreed to lower tariffs on some Chinese products, and China agreed not to intensify rare earth export restrictions for one year.”
“The U.S. also temporarily halted expanding export controls on advanced technology to Chinese companies.”
“In the agricultural sector, China pledged to buy 12 million tons of U.S. soybeans in the 2025 marketing year, increasing to 25 million tons in the 2026 marketing year. U.S. government officials assess that China largely adheres to the agreement thus far.”
“However, the issue of rare earth supply remains a significant conflict point. Although exports of Chinese rare earths continue in some industries, U.S. aerospace and semiconductor companies are facing shortages of key materials. For example, the supply of yttrium, a rare earth element used in jet engine heat-resistant coatings, is limited.”
“Recently, the U.S. has initiated new trade investigations against 15 major trading partners, including China.”
“The investigation targets unfair trade practices such as overproduction capacity. This investigation is based on Section 301 of the U.S. trade law and could lead to additional tariffs.”
“The U.S. government is also conducting investigations related to forced labor involving approximately 60 countries, including China, and there is a possibility that import restrictions on some products could be imposed in the future.”
“The Chinese government has criticized these investigations, stating it reserves the right to take necessary countermeasures when needed.”
“It is possible that the Iran war issue will also be discussed in the negotiations, as international oil prices and the issue of the Strait of Hormuz blockade have emerged as major concerns. China imports about 45% of its crude oil through the Strait of Hormuz.”
“The Paris negotiations are the first face-to-face negotiations between the two countries since the U.S. federal court invalidated the application of the International Emergency Economic Powers Act (IEEPA), which the Trump administration used to impose tariffs of up to 145% on China.”
“Following this, the Trump administration is pursuing a plan to impose a uniform 10% tariff on all imports and reorganize some tariff systems using other legal authorities.”