World Shouldn't Return To Law Of Jungle: China Ahead Of Trump-Xi Talks

Chinese Premier Li Qiang issued a sharp rebuke of protectionist trade practices on Monday, warning against a return to "the law of the jungle" just days before a high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping, Hindustan Times reported.

Speaking at the 20th East Asia Summit in Malaysia's capital, Li denounced unilateralism and called for a recommitment to multilateral cooperation in global trade. His remarks came on the heels of a tentative breakthrough in U.S.-China trade negotiations. Both sides announced they had reached a "basic consensus" on a potential agreement following two days of talks between Chinese Vice Premier He Lifeng and a U.S. delegation led by Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. The discussions took place on the sidelines of the ASEAN summit.

In a notable shift, Bessent confirmed that Trump's threat to impose a 100% tariff on Chinese imports had been withdrawn. The proposed tariff hike had been a response to Beijing's decision to tighten export controls on rare earth minerals-critical components in the global electronics and defense industries. "I believe that the threat of the 100% has gone away," Bessent told CBS News, adding that China's move to initiate a global export control regime also appeared to be off the table.

The trade war between the world's two largest economies has escalated since Trump's initial tariff announcement in April, prompting retaliatory measures from Beijing. Among them was a suspension of U.S. soybean purchases, a blow to American farmers given China's status as the top buyer, accounting for half of the $24 billion in U.S. soybean exports in 2024. China instead turned to Brazil and Argentina for its supply in recent months.

Despite the tensions, Trump expressed optimism ahead of his Thursday meeting with Xi in South Korea, telling reporters en route to Japan that he was hopeful a deal could be reached. With the current tariff truce set to expire on November 1, Bessent indicated that an extension was likely and hinted that China might soon resume large-scale purchases of American soybeans.