KUALA LUMPUR, October 28 — Signs of a thaw emerged in the long-running US-China trade tensions as top officials from both nations reached a “preliminary consensus” ahead of the highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping later this week.
The discussions, held on the sidelines of the ASEAN Summit in Kuala Lumpur, produced a draft framework aimed at pausing new tariffs and delaying China’s planned export restrictions on rare earth minerals — critical materials for global technology manufacturing.
US Treasury Secretary Scott Bessent confirmed that Trump’s threat of 100% tariffs on Chinese imports, set to take effect on November 1, had been suspended. He also revealed that China had agreed to reconsider its rare earth licensing regime and resume large-scale purchases of US soybeans and other agricultural goods.
“We have a very successful framework for the leaders to finalise in South Korea,” Bessent said, adding that both sides had also made progress on addressing fentanyl exports and trade access for American goods.
President Trump struck an optimistic tone, telling reporters, “I think we’re going to have a deal with China.” The Republican leader is expected to meet Xi in Gyeongju, South Korea, on Thursday to formalise the agreement, which could ease months of escalating economic strain between the world’s two largest economies.
A final accord would not only mark a breakthrough in US-China relations but also offer relief to global markets rattled by recent tariff threats and supply chain disruptions.
