The Chinese Ministry of Commerce earlier announced on Thursday that it will begin implementing export controls on a range of goods related to medium and heavy rare earth elements, lithium batteries, synthetic graphite anode materials, mining and processing equipment for rare earth metals, raw materials, and superalloy materials starting November 8.

Trump commented on the new Chinese export control measures during a cabinet meeting, saying, “I don’t exactly know what new things they added. You don’t know either, and no one knows. I just heard about it, but we’ll find out soon.”

He added, “(U.S. Treasury Secretary) Scott (Peasent) and (U.S. Commerce Secretary) Howard (Lutnik) will handle this matter. I am confident we will deal with it.”

Trump also noted that the United States imports a lot from China and suggested it would be beneficial to reduce purchases.

Earlier, Bloomberg reported that China is pressuring the Trump administration to lift trade restrictions imposed on Beijing for national security reasons, offering investments worth one trillion dollars.

The agency also mentioned that “the proposals were raised during trade talks in Madrid last month, and during those meetings, the two sides reached a framework agreement to keep the Chinese social media giant TikTok operating in the United States despite security concerns raised by U.S. lawmakers.”

The White House did not specifically comment on questions about the talks, noting that “the administration is focused on ensuring China meets its current commitments,” referring to the so-called phase one deal during Trump’s term, while an official added that “the administration is communicating with the Chinese to ensure a level playing field for American companies, farmers, and workers.”

Chinese Embassy spokesperson in Washington Liu Bingyu said, “We hope the U.S. side will cooperate with China to implement the important mutual understandings reached by our two presidents during their phone call.”

It is worth noting that U.S. President Donald Trump previously announced that he will meet his Chinese counterpart Xi Jinping during the APEC summit hosted by South Korea, and plans to visit China next year.