The United States and China have agreed on the framework of a potential trade deal, which will be discussed when their respective leaders meet later this week, the US Treasury Secretary has said.
Scott Bessent told CBS, the BBC’s US news partner, that the framework includes a “final deal” on TikTok’s US operations and a deferral on China’s tightened controls over rare earth minerals.
Bessent added that he does not expect the 100% tariff on Chinese goods previously threatened by US President Donald Trump to come into force. He also confirmed that China will resume substantial soybean purchases from the US.
Both nations are aiming to avoid further escalation in a trade war between the world’s two largest economies.
President Trump and Chinese President Xi Jinping are scheduled to hold talks on Thursday in South Korea.
Bessent met senior Chinese trade officials on the sidelines of the ASEAN summit in Malaysia, which Trump is also attending during his Asia tour. Beijing described the discussions as “constructive.”
