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US and China agree on trade deal ahead of Trump-Xi meeting

2025-10-27 07:29:00, Kosova & Bota CNA

US and China agree on trade deal ahead of Trump-Xi meeting

The US and China have agreed on the framework of a possible trade deal that will be discussed when their respective leaders meet this week, the US Treasury Secretary said.

Scott Bessent told CBS that this included a "final agreement" on TikTok's US operations and a postponement of China's tight controls on rare earth minerals.

He also said he did not anticipate the 100% tariff on Chinese goods, threatened by President Donald Trump, to take effect, while China will resume significant purchases of soybeans from the US.

The two countries are seeking to avoid further escalation in a trade war between the world's two largest economies. Trump and Chinese President Xi Jinping will hold talks in South Korea on Thursday.

Bessent met with senior Chinese trade officials on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in Malaysia, which Trump is also attending as part of a tour of Asia. Beijing said they had "constructive" discussions.

Bessent said the countries had "reached a significant framework for both leaders", adding: "Tariffs will be avoided".

The Chinese government said in a statement that the two negotiating teams "reached a basic consensus on agreements to address their respective concerns."

"Both sides agreed to further finalize the specific details," they added./ CNA





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