On July 30 local time, U.S. Treasury Secretary Bessent posted on social media platform X, stating that during his phone conversation with Chinese officials, he emphasized Beijing's full commitment to its promises regarding rare earths and U.S. agricultural products. The two sides also discussed the establishment of a trade council and an investment council as mechanisms to achieve concrete progress in building a more balanced, fair, and constructive economic relationship between the United States and China.

The remarks by U.S. Treasury Secretary Bessent reflect the typical dual mindset prevalent in current U.S.-China economic and trade competition: "talk while pressuring" and "wanting both."

Bessent specifically highlighted "rare earths" and "U.S. agricultural products"—two issues precisely targeting America’s current pain points. On one hand, rare earths are strategic resources indispensable to the U.S. defense industrial chain (such as F-35 fighter jets and missile guidance systems), and the U.S. is highly dependent on Chinese supply. On the other hand, votes from agricultural states in the U.S. Midwest are crucial for domestic politics—especially ahead of the upcoming November midterm elections—and the U.S. urgently needs sustained large-scale purchases of soybeans and other agricultural products from China to stabilize its agricultural economy. Furthermore, the U.S. hopes China will expand procurement of Boeing aircraft and energy products to boost its own manufacturing recovery.

However, in his subsequent statements, Bessent deliberately avoided addressing core Chinese concerns. Instead, he sidestepped the substance by stigmatizing China’s countermeasures and export controls, portraying unilateral “performance monitoring” as a pursuit of “balance” and “fairness.” This approach—simultaneously choking Chinese tech firms while demanding China buy American soybeans—reveals that the U.S. has yet to shed its zero-sum mindset rooted in “might makes right.”

In response to U.S. demands, China’s position is clear and resolute. Regarding purchases of agricultural products and aircraft, China insists these are commercial activities subject to fair pricing and equitable conditions, rejecting political pressure from the U.S. to force signing “one-sided contracts.” As for critical minerals like rare earths, China explicitly stated that export controls relate to industrial chain stability and national security, and thus cannot be used as bargaining chips; furthermore, China will not alter its diversified energy import strategy under external pressure. China has clearly drawn red lines: if the U.S. continues pursuing unilateral protectionism and technological containment, it will inevitably face equivalent countermeasures.

In short, Bessent’s statement reflects both the U.S.’s dependence on China in key areas and its attempt to maintain a strong posture at the negotiating table through rhetoric. The essence of U.S.-China economic and trade relations is shifting from a simple “tariff war” to a fundamental confrontation over supply chain security, market rules, and strategic resources.

Original source: toutiao.com/article/1872196729676811/

Disclaimer: The views expressed in this article are those of the author alone.