US and Chinese negotiating teams reach framework agreement on trade.
On October 26, top economic officials from China and the United States agreed on a framework deal for trade between the two countries, and US President Donald Trump also expressed optimism about the possibility of meeting with Chinese President Xi Jinping in the coming days.
US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia, in the fifth round of direct discussions between the two sides since May.
Speaking to reporters, Secretary Bessent confirmed that the two sides had reached a basic consensus on a "very successful" preliminary agreement for the leaders of the two countries to discuss on October 30th. According to the head of the US Treasury, with this agreement, China may postpone tightening export controls on rare earth minerals and magnets, and avoid the new 100% tariffs that US President Donald Trump had warned he would impose on Chinese goods starting November 1st.
According to Bessent, President Trump and Chinese President Xi Jinping are expected to discuss China's purchase of soybeans and other US agricultural products, in addition to measures aimed at achieving a better trade balance and resolving the US fentanyl crisis.
For his part, Li Chenggang also stated that the two sides had reached a "preliminary consensus" and would continue with internal approval processes in each country.
President Trump is currently in Malaysia attending the 47th ASEAN Summit, the first stop on his five-day Asian tour, which includes a planned face-to-face meeting with President Xi Jinping in South Korea on October 30th. In a statement regarding the upcoming meeting, President Trump expressed optimism that he "will reach an agreement with China."
