U.S. Treasury Secretary Scott Bessent declined to confirm direct tariff negotiations with China, suggesting that Beijing faces severe economic fallout if current trade barriers persist.
Speaking to reporters, Bessent cited potential Chinese job losses in the millions and argued that the U.S. trade deficit puts pressure on China to act.
While avoiding specifics on communications, he hinted at the unsustainable nature of China’s tariff stance.
Beijing denies ongoing talks.
The standoff continues, clouded by diplomatic silence and sharp warnings of economic instability from Washington.
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U.S. President Donald Trump and Chinese President Xi Jinping are expected to speak soon amid escalating tensions over critical mineral trade. Treasury Secretary Scott Bessent confirmed that China may have violated a key agreement, accusing Beijing of withholding essential industrial materials. With global supply chains in jeopardy, aides expect the upcoming call to iron out issues. While no date is confirmed, White House officials are optimistic a conversation is imminent and may clarify the Geneva deal on tariff rollbacks signed last month.
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Russian Foreign Minister Sergey Lavrov, attending the SCO summit in China, strongly criticized the United States and NATO for their growing involvement in the Indo-Pacific region. Lavrov argued that NATO allies seek to expand their influence into the Far East, undermining regional stability. In contrast, Russia, China, and like-minded nations advocate for an “open and free security architecture” for East Asia. His remarks highlight deepening Moscow-Beijing cooperation against Western strategic ambitions in the Asia-Pacific.
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In a significant diplomatic development, India's External Affairs Minister S. Jaishankar met with Chinese President Xi Jinping in Beijing on July 15th, on the sidelines of the Shanghai Cooperation Organisation (SCO) summit. This high-stakes meeting marked Jaishankar's first visit to China since the deadly 2020 Galwan Valley border clash, signalling a cautious step toward the normalization of ties between the two Asian giants. During his visit, Jaishankar also held talks with Chinese Vice President Han Zheng and Foreign Minister Wang Yi, advocating for a "far-seeing" and strategic approach to the bilateral relationship.
The core of the discussions revolved around the protracted border standoff in Eastern Ladakh. Jaishankar firmly reiterated India's position, stressing that complete troop disengagement in the remaining friction points of Depsang and Demchok is a prerequisite for restoring normalcy and rebuilding trust. He emphasized that peace and tranquility along the Line of Actual Control (LAC) are fundamental to the overall development of India-China relations.
A key highlight of the meeting was Jaishankar's subtle but sharp criticism of China's recent export curbs on rare earth minerals, a move that directly threatens India's critical manufacturing and high-tech sectors. With China controlling over 90% of the global rare earth output, Beijing wields significant economic leverage, a point not lost on the Indian delegation.
Despite the diplomatic optics of cooperation within the SCO framework, deep-seated strategic mistrust remains a major obstacle. The talks were overshadowed by recent revelations from Lt Gen Rahul Singh that China had provided live intelligence, weapons, and drones to Pakistan during a previous conflict. This underscores the challenge India faces, dealing with China's "sweet diplomacy" on one hand and its "cunning moves" on the other, proving that a real thaw in relations will require more than just high-level meetings.
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