U.S. Treasury Secretary Scott Bessent said that President Donald Trump remains on track to meet Chinese President Xi Jinping in South Korea in late October as the two rival powers continue sparring over trade.

In an interview with Fox Business on Monday, Bessent said tensions between the sides have substantially eased and that a meeting between Trump and Xi during Gyeongju's Asia-Pacific Economic Cooperation(APEC) summit is still in the books.

He added that the additional 100 percent tariff on China will not take effect before November 1.

Bessent said there had been significant communication between the two governments over the weekend, indicating that representatives of both sides will meet during the World Bank and International Monetary Fund annual meetings this week. 

The secretary reiterated his optimism that the U.S. could de-escalate ongoing trade tensions with its rival but added that the nation was prepared to take all “necessary measures."