US President Donald Trump is still expected to meet Chinese President Xi Jinping in South Korea later this October, as both nations work to ease tensions over tariffs and export controls, US Treasury Secretary Scott Bessent said on Monday.

The latest rupture followed China’s announcement on Thursday that it would dramatically expand its rare earths export controls. That drew a sharp countermeasure from Trump on Friday that sent markets and relations between the world’s two largest economies into a spiral.

‘We Have Substantially De-Escalated’

Bessent said there were substantial communications between the two sides over the weekend and more meetings were expected.

“We have substantially de-escalated,” Bessent said in an interview with Fox Business Network. “President Trump said that

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