APEC Meeting, Tariff Battles, and Rare Earth Pressure

President Trump said he and Chinese President Xi Jinping will meet on the margins of November’s APEC leaders’ summit in South Korea, and that he intends to travel to China next year following what he called a productive call.

Senators David McCormick and Catherine Cortez Masto urged the U.S. Trade Representative to press Canada and Mexico to adopt CFIUS-like foreign investment screening tools ahead of the 2026 USMCA review, proposing legislation to that effect.

Meanwhile, Senate Democrats introduced a resolution to repeal Trump’s 50% tariffs on many Brazilian goods, while Representatives Ro Khanna and Don Bacon unveiled a bipartisan bill to eliminate most coffee tariffs.

A potential U.S.-India agreement to roll back reciprocal 50% tariffs appears to be progressing as negotiations resume, analysts say. The Senate also confirmed Bryan Switzer as deputy USTR for Asia and related portfolios after Republicans limited filibusters on en bloc confirmations, speeding sub-Cabinet approvals.

Rep. John Moolenaar urged the president to coordinate G7, NATO and Quad partners on reciprocal measures targeting Chinese curbs on rare earths and permanent magnets; other senators propose duty-free trade in critical minerals for allies.

Other developments include industry pushback on expanded steel and aluminum tariffs, a Supreme Court hearing set for Nov. 5 on tariff suits, and a USTR public consultation on the USMCA 2026 review.