U.S. Treasury Secretary Scott Bessent says he expects the upcoming Trump-Xi summit in Gyeongju at the end of the month to open a path toward breaking the deadlock in U.S.-China trade talks.

In a CNBC interview, Bessent called the two leaders’ “mutual respect” a stabilizing factor, adding that a direct meeting will help set the direction of future negotiations.

He said Trump’s leadership and Xi’s regard for him could lead to a “major breakthrough” despite Beijing’s decision to halt U.S. soybean imports.

Talks led by Bessent and China’s Vice Premier He Lifeng remain stalled, with tariff truce deadlines extended to November 10.

Bessent accused Beijing of using U.S. farmers as “pawns” in the dispute, while pledging further federal support for soybean growers.

He argued that other trade partners will replace China as buyers, saying past deals already required purchases of U.S. farm goods.