By bizn_fun 
The flare-up in trade tensions, ahead of an expected meeting between Trump and Chinese President Xi Jinping, has raised fears about a break in a fragile truce between the trading partners that has held since the spring – and a return to an all-out trade war.
The countries agreed in May to drop tariffs as high as 145% that had nearly brought trade to a halt. Since then, Chinese goods entering the US have faced an added 30% levy compared with the start of the year, while US goods to China have been hit with a new 10% tariff.
Greer, referring to the May agreement between the US and China, said “we have lowered tariffs since that time – but now the Chinese have expanded their export controls.”
Bessent said some US car companies had already called the White House with concerns about a slowdown in supply.
He said the move by Beijing showed the need for US and some of its allies to work together, calling it “unacceptable” and “highly provocative”.
“This is China versus the world,” he said. “We and our allies will neither be commanded nor controlled. We are not going to let a group of bureaucrats in Beijing try to manage the global supply chain.”
He said there were “substantial actions” that the US could take, but added “we’d rather not”.
“I believe China is open to discussion and I am optimistic this can be de-escalated,” he said.