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Investing.com -- US Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng Monday on the sidelines of the World Economic Forum in Davos, Switzerland.
The meeting continues a series of negotiations between the top economic officials from the world’s two largest economies, who have been working to ease trade tensions that previously saw tariff rates exceed 100% on both sides.
"I had a meeting with my Chinese counterpart here in Davos last night," Bessent said during an interview on Fox Business from the main stage of the forum. "They’ve done everything that they said they’re going to do."
Bessent noted that China has fulfilled its commitment to purchase US soybeans, with plans for 25 million tons to be bought in the coming year. He suggested China could "buy a little more" as President Donald Trump regularly raises this issue when meeting with Chinese President Xi Jinping.
The Treasury Secretary also reported that rare earth magnets, which were a major point of contention during 2025 trade negotiations and a source of leverage for Beijing, have been "flowing as expected" with a fulfillment rate "in the 90s, which I think is quite satisfactory."
The two officials have held previous negotiation sessions in Geneva, London, Stockholm, Madrid, and Kuala Lumpur. Bessent is expected to meet with global chief executives throughout the week at the Davos forum.
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