U.S. Treasury Secretary Scott Bessent. Reuters Yonhap News.

U.S. Treasury Secretary Scott Bessent anticipates that U.S.-China trade negotiations could see a breakthrough during the summit between U.S. President Donald Trump and Chinese President Xi Jinping, scheduled to take place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, later this month.

In an interview with CNBC on the same day, when asked whether we could expect to see an easing of the stalemate or positive developments in U.S.-China negotiations within the coming weeks, Secretary Bessent replied, "The most important thing is that a meeting between President Trump and President Xi will take place in South Korea later this month."

He continued, "As the lead U.S. representative conducting trade negotiations with China, the most reassuring aspect is the mutual respect between the leaders of both nations," adding that "therefore, their meeting in person will be immensely helpful in setting the future direction of trade."

Secretary Bessent further stated that, "considering President Trump's leadership, his relationship with President Xi, and President Xi's respect for President Trump," he believes there will be a "major breakthrough" in the subsequent U.S.-China negotiations.

Currently, U.S.-China trade talks are at a standstill due to issues such as China's suspension of U.S. soybean imports during the autumn harvest season. Negotiations, led by Secretary Bessent and Chinese Vice Premier He Lifeng, have been held four times, and a truce in the "tariff war" has currently been extended until November 10.

Regarding China's halt of U.S. soybean imports, Secretary Bessent criticized the decision, stating, "Unfortunately, the Chinese leadership has decided to use American farmers, especially soybean farmers, as hostages or pawns in these trade negotiations." He added, "On Tuesday (the 7th), you will hear some news regarding significant support for our farmers, particularly our soybean farmers."

He further added that "almost every trade agreement (concluded with other trade partners) includes the purchase of U.S. agricultural products," and therefore, "other countries will step in to replace China."

Addressing the issue of China failing to fulfill the trade agreement to purchase U.S. agricultural products made during the first Trump administration, Secretary Bessent recalled, "At the Geneva meeting (held in May), I asked, 'Why are you not continuing to purchase soybeans and other products?' and they answered with one word: 'Biden,'" attributing the blame for China's suspension of U.S. agricultural imports to former President Joe Biden.

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