Top U.S. and Chinese negotiators said they reached a consensus on key disputes, paving the way for Presidents Donald Trump and Xi Jinping to meet later this week and finalize a trade deal aimed at easing tensions. After two days of talks in Malaysia, officials announced that both sides had agreed on issues including export controls, fentanyl, and shipping levies.
U.S. Treasury Secretary Scott Bessent told CBS News that Trump's threat of 100% tariffs on Chinese goods "is effectively off the table," adding that China would make "substantial" soybean purchases and delay its rare-earth export controls "for a year while they re-examine it." He said the leaders are expected to extend the tariff truce, resolve differences over TikTok, and secure rare-earth supplies vital to high-tech industries. Bessent also noted that Trump and Xi plan to discuss a global peace initiative, with Trump hoping to enlist Xi's help in ending Russia's war in Ukraine.
Source: Trading Economics
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