The Bessent-Greer-He meeting on Sunday left unresolved the fate of a nearly year-long trade truce between Washington and Beijing, which expires on November 10. The truce dramatically lowered bilateral tariff rates that had quickly escalated to triple digits and after tit-for-tat retaliation over Trump's tariff hikes last year. China also had agreed to restore the flow of rare earth magnets and other critical minerals that it had severely restricted.
Greer told Bloomberg TV on Monday that discussions about extending the trade truce would continue because there was time.
"But my expectation is we'll continue talking and I think both sides want it," he said of a trade truce extension.
Greer added that the US needed to keep pressure on China to ensure compliance on its critical minerals agreements. US officials last week told reporters that the delivery of rare earths by China "has not been up to par".
On Sunday, the two sides discussed other topics that had been previously discussed by Trump and Xi at a May meeting in Beijing, including lowering mutual tariffs on some non-strategic goods and Chinese purchases of Boeing aircraft and agricultural goods.
Greer had said the two sides agreed to "operationalize" a process agreed in May for each side to identify potential tariff cuts on non-strategic goods, called the "Board of Trade." He said these could include Chinese exports such as "consumer goods, low-tech items," while US exports for this treatment could include energy, agricultural goods and medical devices.
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