Top U.S. and Chinese officials have agreed on a preliminary framework for a trade deal, set to be finalized by Presidents Donald Trump and Xi Jinping later this week. The agreement would pause planned U.S. tariffs of 100 percent on Chinese goods and delay China’s new export controls on rare earth minerals by a year. U.S. Treasury Secretary Scott Bessent said the truce could also lead to renewed Chinese purchases of U.S. soybeans and an extension of the current tariff pause beyond November 10. Chinese officials described the talks as a “preliminary consensus,” with both sides now seeking domestic approval.
Negotiations also covered rare earths access, trade imbalances, the U.S. fentanyl crisis, port fees, and the pending U.S. takeover of TikTok. President Trump, on a five-day Asia tour, expressed optimism about the deal and confirmed his focus on agriculture, Taiwan, Hong Kong, and cooperation on Russia during Thursday’s face-to-face with Xi in South Korea. The new trade discussions come amid heightened tensions, with recent sanctions and export curbs raising global economic concerns.
