Top U.S. and Chinese officials on Sunday agreed on a trade deal framework for Presidents Trump and Xi to finalise this week, pausing new U.S. tariffs and China’s rare earth restrictions while resuming U.S. soybean exports.
.U.S. Treasury Secretary Scott Bessent told reporters after talks on the sidelines of the ASEAN Summit in Kuala Lumpur that the negotiations had averted Trump’s planned 100% tariffs on Chinese imports set to begin on November 1. He added that China is expected to delay the rollout of its new rare earth licensing policy by a year for further review.
Chinese officials were more cautious, confirming only that a “preliminary consensus” had been reached, with further internal approvals required. “The U.S. position has been tough,” said Vice Commerce Minister Li Chenggang. “But we have engaged in constructive exchanges to explore solutions and arrangements.”
Trump and Xi are scheduled to meet Thursday at the APEC summit in Gyeongju, South Korea, to formalise the terms. While the White House has announced the meeting, Beijing has not yet confirmed it.
Bessent said he expects the tariff truce between the two countries, due to expire on November 10, to be extended and that China will soon resume large-scale purchases of U.S. soybeans after a hiatus in September. U.S. Trade Representative Jamieson Greer added that both sides had agreed to suspend certain punitive measures and to expand access to Chinese rare earths while balancing trade flows.
The discussions also covered broader issues, including the U.S. fentanyl crisis, port fees, and the ongoing transfer of TikTok to U.S. ownership — a deal Bessent said could be finalised during the Trump-Xi meeting.
Speaking after the talks, Trump expressed optimism, saying, “I think we’re going to have a deal with China.”
Tensions between the world’s two largest economies have escalated in recent weeks despite a fragile truce reached earlier this year. China’s expanded controls on rare earth exports have fuelled shortages worldwide, prompting Washington to consider new export restrictions on high-tech goods to China, including software-driven equipment such as laptops and jet engines.
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