Top economic policymakers from the United States and China have held talks in the wake of renewed Sino-U.S. tensions since Beijing announced stricter export controls for rare earths and Washington threatened to impose an additional 100 percent tariff.

China’s state-run Xinhua News said Chinese Vice Premier He Lifeng held a videoconference with U.S. Secretary of Treasury Scott Bessent and Trade Representative Jamieson Greer on Saturday morning, China Standard Time.

The news agency said the two sides held candid, in-depth and constructive exchanges on implementing the consensus reached by the two heads of state during their phone talks since the start of this year and key issues in bilateral economic and trade relations.

Xinhua said they also agreed to hold a new round of economic and trade consultations as soon as possible.

Bessent earlier announced the planned discussion, saying “things have de-escalated” between the two sides since last week and that he expects to meet with the Chinese vice premier in person next week in Malaysia to prepare for a leaders’ summit.

Bessent’s comments come after U.S. President Donald Trump reaffirmed his resolve to hold talks with Chinese President Xi Jinping on the margins of the Asia-Pacific Economic Cooperation summit in Gyeongju later this month.