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.
Secretary of State Marco Rubio told allied foreign ministers Washington will focus on sanctions and other pressure on Iran “for the time bein...
Russia and Ukraine have exchanged 10 prisoners of war each in Belarus, Moscow's Human Rights Commissio...
The UN has condemned the entry of Israeli forces into a UNRWA training centre in East Jerusalem, warning the move could disrupt vital education for...
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concerns over potential disruption to regional oil supplies.
Kyiv has recently received a small number of U.S.-made Patriot interceptors capable of downing Russian ballistic missiles, Ukrainian President Volodymyr Zelenskyy has said. It comes as Britain and France pledged stronger military support for Ukraine.
Ukraine’s President Volodymyr Zelenskyy said on Monday that Kyiv wants peace but will not surrender to Russia, as foreign leaders joined Independence Day events marking 35 years since Ukraine’s independence.
Only four commodity vessels crossed the Strait of Hormuz on Sunday, following 13 transits a day earlier, as disruptions continue to restrict traffic through the key energy chokepoint.
Secretary of State Marco Rubio told allied foreign ministers Washington will focus on sanctions and other pressure on Iran “for the time being”, Axios reports. Meanwhile, Iran and Oman have resumed talks on a temporary shipping route through the Strait of Hormuz.
Russia and Ukraine have exchanged 10 prisoners of war each in Belarus, Moscow's Human Rights Commissioner, Yana Lantratova, has said.
Instagram Chief Adam Mosseri has acknowledged that few teenagers used Instagram’s “Take a Break” feature before it became a default setting, as Meta faces a major U.S. trial over child safety.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 26th of August, covering the latest developments.
U.S. President Donald Trump has formally sent a landmark nuclear cooperation agreement with Saudi Arabia to Congress, opening a new phase in a deal that has already sparked debate over nuclear proliferation and Riyadh's ambitions.
The Trump administration has temporarily suspended some visa appointment scheduling at U.S. embassies and consulates around the world as part of a new training initiative for consular staff, adding another layer to the administration's broader immigration policy overhaul.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment