There is a hot air in Kuala Lumpur in October, not only from the tropics, but also from diplomacy. Greer was carrying the briefcase and Bescent was holding the folder. When they landed, they were surrounded by flashing lights. Malaysia has become the appetizer of this Sino-US "lunch". Whoever opens the mouth first and puts down the chopsticks first determines not only the destination of rare earths and soybeans, but may also determine whether the leaders can meet in South Korea.

The stage is set up and the characters are unveiled

In the early morning of October 22, when the plane landed on the runway in Kuala Lumpur, the atmosphere was like the opening of a negotiation. U.S. Trade Representative Greer and Treasury Secretary Bessent, together, stepped out of the cabin, dressed in dark costumes and thrill. This is not a tourism, but a mountain stone¡ªtheir purpose is to talk to the Chinese side about the two cards of ¡°rare earth + soybeans.¡±

At the same time, Beijing is also quietly preparing. China has said that it will send the deputy prime minister to participate in this "pre-negotiation" in Malaysia, with the aim not only to talk about the economy, but also to shoot the foot: the leaders' meeting can not be accomplished, it can not be accomplished, everything to see the pace of the confrontation.

Why "rare earths" and "soybeans"? Rare earths, because China has an advantage in the global supply chain, are regarded as a key lever by the United States; Soybeans are a sensitive line for American farms-although China is a buyer, its purchases have recently decreased, and American farmers are eager to recover. Greer and Bescent's trip, while trying to suppress the Chinese side, are also sending a comforting signal to their farmers.

The cameras switched to the meeting room outside, the journalists steal private speech in the hallway: both sides took the bottom cards, but not yet lighted.The United States emphasized in public "all options are on the table", while the Chinese side repeatedly stressed "legal compliance" and "market demand". The aura is a bit like staring at each other before a boxing match.

On the night before the meeting, the lights in the Kuala Lumpur hotel hall were soft, but couldn¡¯t hide the coldness of the code. U.S. officials spoke little, but revealed that ¡°if this time didn¡¯t happen, we would have alternative options¡±; China did not show weakness, suggesting that ¡°we have space for export control¡±.

At this point, the negotiating table has not yet officially settled, but the stage has been set, the lights have been lit, and the audience (including global markets, farmers, supply chain companies) are waiting for the next scene. The variable lies in: Who makes the move first? Who gave in first? Who shows his trump cards first? And those two key words-rare earths and soybeans-are the two knives of this play.

The arrow has been set, negotiations are warming up

The day before the talks, Griller and Bezent were asked at a press conference in Kuala Lumpur why they flew to Malaysia. Bezent replied: ¡°We hope to consult with China on ¡®important issues¡¯ in economic and trade relations.¡± China also responded quickly: the Vice Premier will "negotiate" economic and trade issues with US officials, and this consultation has been described as "paving the way for leaders to meet".

When I entered the conference room, there were only two bottles of water and a few briefings on the table, and the atmosphere was like waiting for the charge. China first proposed the new rare earth export control regulations, pointing out that it was based on "national security and fulfillment of non-proliferation obligations"; The United States immediately responded: This approach is disrupting the global supply chain and is bound to attract a counterattack. In the footage, the translators wandered around the table, and although the words of both sides were peaceful, it was as if they were pulling out their own protective net.

Then the conversation changed, and the US raised the topic of soybeans. The representative of the United States stressed that China's reduction in soybean purchases from the United States had an impact on American farmers. China nodded in recognition of market changes, but did not promise on the spot to immediately resume large-scale procurement. On the screen, the chimney of the American agricultural machinery factory is slowly rising in the Midwest of the United States, and the farmers' faces are full of anxiety rather than expectation.

At dinner, although officials from both sides smiled and toasted, the conversation was more like a fight. The United States mentioned that it might impose new restrictions on the export of products containing American software or technology to China, while the Chinese side responded with "we have the right to adopt export management according to the law." This offensive and defensive rhythm is like the start of the two countries on the chessboard. The report pointed out that the United States is considering banning the export of products containing American software to China, which is still in the internal discussion stage.

The screen stretches, and the markets begin to react: the price of rare earth is slightly rising; the U.S. soybeans futures are rising; the internal meetings of supply chain companies are tense. Although the negotiation table is not yet concluded, the impact is already in global flow. At this moment, negotiations are not only an affair between governments, but more like a symphony involving farms, mines, factories and stock markets.

In the early morning of the last day, the sun shone through the curtains of the conference room of Kuala Lumpur Hotel, and everything was still quiet. The two sides exchanged preparatory texts, without lacing each other or shaking hands to challenge each other, but the atmosphere was clear: this was a temptation and a preview.Whether the leaders 'meeting can be held in South Korea seems to depend on the pace and outcome of the next "warm-up match".

Reactions from all sides in front of the scene.

As soon as the Malaysian negotiations came to an end, the headlines of the American media exploded. The White House did not comment at the first time. Instead, the Ministry of Finance took the lead in saying that the consultation was "constructive and open". The outside world understands the implication: it didn't collapse, and it didn't succeed. The brushstrokes of the American media are like watching an unfinished play-every word Bescent says is analyzed into a signal.

Public opinion in the United States is more complex. Wall Street is concerned about whether rare earth supplies can be guaranteed, while farmers are watching whether soybean exports can resume. US media commented that Besent's trip was like "going to Nanyang with a ledger" and every sentence was counted on votes and stock price. According to Reuters, the U.S. is concerned about ¡°double dependence¡±: fears that rare earth will be caught in the neck, and fears that trade in agricultural products will be repressed.

At the same time, China's response has become more stable. At the regular press conference of the Ministry of Foreign Affairs, the spokesperson spoke calmly when faced with questions from foreign reporters, emphasizing that China's rare earth policy is a measure to fulfill international obligations and ensure security, rather than a so-called "coercive means." The sentence "in line with international common practice" became the headline of many media that day. China did not talk much about the soybean issue, but issued a meaningful statement: "The market will adjust on its own." The outside world could hear that it was both a response and a hint.

Outside the meeting venue of the Southeast Asian conference, several observers concluded a sentence: Both sides brought the knife, but none came out.The United States wants to pressure China's supply chain, and China needs to stabilize its own exports. In the night breeze in Kuala Lumpur, the negotiators left the hotel, and the media photographed their slightly tired backs. There was no signing or handshake, but the next scene has been predicted by various countries as a "greater confrontation."

European media commentary with a bit of teasing. The British media called this meeting like a "diplomatic variety show with a script", and the lines were full of tests to test the other party's bottom line. The French media said that the United States seems tough, but in fact it is afraid that rare earth prices will rise again; China seems calm, and it is also thinking about the linkage risk of soybeans and global food prices.

On social platforms, American farmers posted photos of golden fields with the caption: "I hope they can negotiate, we are still waiting to sell beans." and The domestic financial sector is concerned about the fluctuation of rare-earth prices, and the commentary has written: "The wind of the global supply chain, Malaysia will be the starting point."

The whole scene didn't have a curtain call. Before leaving, Bescent and Greer's understatement "We will continue to communicate" has become a new suspense of the world media. Beijing issued a statement the next day, saying that the two sides would keep in touch. The phrase ¡°keep in touch¡± is calm and also attitude.

The follow-up has not ended: impact and trend

This Malaysian negotiation is more like a carpet for the next summit. The APEC summit in South Korea is just around the corner, and whether the leaders of the two countries can shake hands face to face is still hanging in the air. All parties know that the outcome of this "warm-up talk" will directly affect the tone of that meeting.

From a market perspective, the price of rare earths rose slightly in the short term, and the capital market immediately reacted. Analysts pointed out that any vague statement about export control or supply security will set off a chain reaction. Meanwhile, soybean futures are also fluctuating, and U.S. farmers are staring at the price curve, saying in their mouths "I hope to talk about", but it is clear in their minds that this is not an agricultural product matter, but a political trend.

Diplomatic observers believe that Bescent's "ban" is actually a signal test by the United States. It is not an informal policy, but a bargaining chip, which is intended to force China to let go of rare earths and export licenses. The Chinese side used a public response at the level of the Ministry of Foreign Affairs to "pierce the window paper" and put this dark war on the table, instead of just competing at official meetings.

Even more subtle is the pace of U.S. domestic affairs.The Trump administration is at the point of reforming economic policy, and toughness toward China is both a strategy and an election language. Besant needed a ¡°negotiation outcome¡± that could bring back to the country, whether it was a genuine concession or a gesture of ¡°we haven¡¯t been lost,¡± while China¡¯s goal was to be stable, not driven by rhythm, and not to make promises that could be enlarged in informal occasions.

From a geographical point of view, the choice of Malaysia is also intriguing. This is not only a neutral place where both China and the United States can settle down, but also has a close relationship with the ASEAN supply chain. The local media commented that this consultation is not a simple "US-China dialogue", but more like a "diplomatic rehearsal" for the two sides to test each other's bottom line through a third place.

As the negotiations ended, both sides announced that they would continue to communicate.The external phrases were almost consistent ¨C ¡°constructive¡±.The word means complex in diplomatic language, which could mean both ¡°no results¡± and ¡°not yet at the stack.¡±The temperature behind these four words is interpreted by global investors.

The summit in South Korea will be the next scene, where it may be the real ¡°play-off¡±. no matter what the Malaysian meeting is not a success, at least the world sees the two countries are still talking, rather than falling the door off the table.Rare earths and soybeans are still on the table, and the cards in their hands have not been played yet.

Reference source:

U.S., Chinese officials face off over export controls, Trump tariff threat in Malaysia (October 24, 2025)

¡¶¾­¼Ãʱ±¨¡·£ºU.S., China seek to avoid trade war escalation, salvage Trump-Xi meeting in Malaysia talks£¨2025Äê10ÔÂ25ÈÕ£©

"Record of the Press Conference of the Chinese Ministry of Foreign Affairs": Spokesperson Lin Jian responds to rare earth exports and US remarks (October 16, 2025)

Politico, Xinhua, Bloomberg, BBC and others in October 2025.