U.S. President Donald Trump was on track to meet with Chinese leader Xi Jinping in South Korea as the two sides de-escalate tensions over trade disputes, U.S. Treasury Secretary Scott Bessent said on Monday.

"We have substantially de-escalated," Bessent said in an interview with Fox Business Network.

"President Trump said that the tariffs would not go into effect until November 1. He will be meeting with Party Chair Xi in Korea. I believe that meeting will still be on."

(Reporting by Susan Heavey and Doina Chiacu; Editing by Andrew Cawthorne)