US Treasury Secretary Scott Bessent said Friday that he would likely meet Chinese Vice Premier He Lifeng next week to prepare for the upcoming high-stakes talks between the presidents of the world's two biggest economies.

Bessent's high-level meeting comes as trade tensions flare between Washington and Beijing over China's announcement of tighter export controls on the critical rare earths industry.

Washington has been working to rally allies to respond to Beijing's new curbs, with the Group of Seven finance ministers agreeing this week to coordinate their next moves.

The rare earth controls had sparked a fiery response from US President Donald Trump, who threatened to impose an additional 100-percent tariff on imports from China and to cancel expected talks with his Chinese counterpart

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