(MENAFN- Live Mint) United States Treasury Secretary Scott Bessent said that he and Chinese Vice President He Lifeng have conducted“detailed discussions” on US-China trade, according to a Reuters report.

Speaking to reporters on October 17, Bessent said,“Vice Premier He Lifeng and I engaged in frank and detailed discussions regarding trade between the United States and China.”

He added that the talks are not over.“We will meet in person next week to continue our discussions,” Bessent said.

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This comes as US President Donald Trump in an interview on October 17 said his proposed 100 per cent additional tariff on Chinese imports would not be sustainable. He blamed China for the latest blow in trade talks due to limits on rare-earth exports.

Asked whether such a high tariff was sustainable and what that might do to the U.S. economy, Trump replied,“It's not sustainable, but that's what the number is.”

"They forced me to do that," he told Fox Business Network.

Last week, Donald Trump said he would impose an additional 100 per cent tariffs on China, and limit any and all critical software exports from November 1.

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In another interview with Fox Business Network on October 16, Donald Trunp also confirmed he would meet Chinese President Xi Jinping in two weeks in South Korea.

“I think we're going to be fine with China, but we have to have a fair deal. It's got to be fair,” he said.

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WTO Director-General Ngozi Okonjo-Iweala has urged the UUS and China to de-escalate trade tensions, stating that the body is“extremely concerned”.

Speaking to Reuters she warned that both of the world's two largest economies cutting ties could reduce global economic output by 7 per cent in the long term.

(With inputs from Reuters)

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