Both sides have agreed to a trade deal framework ahead of an upcoming meeting between Trump and Xi, Scott Bessent has said<\/p>\n
The US and China have agreed on a trade deal framework ahead of this week\u2019s meeting between President Donald Trump and Chinese leader Xi Jinping, Treasury Secretary Scott Bessent told NBC. The agreement includes plans to halt a proposed 100% tariff on Chinese goods starting November 1, he added.
\nBessent said that during negotiations with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang, at the ASEAN Summit in Malaysia, an agreement was reached where Beijing would postpone its export restrictions on rare earth minerals for one year while talks continue.
\nThe deal also finalizes the sale of TikTok\u2019s US operations and the resumption of Chinese purchases of US soybeans, suspended since September amid the tariff dispute, according to the US Treasury chief.
\nAddressing reporters at the Malaysia meet, Li confirmed that the US and China have reached a \u201cpreliminary consensus\u201d after \u201cintense\u201d negotiations and that internal approval is now required.<\/p>\n
Read more<\/p>\n
US in \u2018trade war\u2019 with China \u2013 Trump<\/p>\n
The framework agreement comes as the White House has confirmed the Trump-Xi meeting for October 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea. The meeting will be their first since 2019.
\nTrump has said he hopes to reach agreements with Xi on issues ranging from trade to nuclear power and added that he plans to address China\u2019s purchases of Russian oil.
\nBeijing has stated that it has a legitimate right to maintain normal economic, trade, and energy cooperation with all countries, including Russia, calling Washington\u2019s pressure to halt Russian oil imports a \u201ctypical move of unilateralism, bullying, and economic coercion.\u201d
\nRussia has become one of the largest suppliers of oil to both China and India since 2022. Russian President Vladimir Putin has cautioned Western nations against adopting a \u201ccolonial tone\u201d toward Beijing and New Delhi, arguing that such actions are aimed at curbing their economic growth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Both sides have agreed to a trade deal framework ahead of an upcoming meeting between Trump and Xi, Scott Bessent has said The US and China have agreed on a…<\/p>\n","protected":false},"author":1,"featured_media":21347,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-21346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t