403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
US, China Reach Framework Deal
(MENAFN) The United States and China have established a framework for a trade deal just before this week’s highly anticipated meeting between President Donald Trump and Chinese leader Xi Jinping, Treasury Secretary Scott Bessent revealed to a news agency.
According to Bessent, the accord involves plans to suspend the proposed 100% tariff on Chinese imports that was scheduled to begin on November 1.
During discussions with Chinese Vice Premier He Lifeng and chief trade negotiator Li Chenggang at the ASEAN Summit in Malaysia, Bessent explained that both parties reached an understanding.
Under this arrangement, Beijing would delay its export restrictions on rare earth minerals for a period of one year while further negotiations take place.
The agreement also concludes the sale of TikTok’s US branch and paves the way for the renewal of Chinese purchases of American soybeans, which had been suspended since September due to the ongoing tariff conflict, as noted by the US Treasury head.
Speaking to journalists during the Malaysia gathering, Li affirmed that the United States and China have come to a “preliminary consensus” following “intense” rounds of negotiation.
He emphasized that the deal now awaits domestic approval from both sides.
This framework accord emerges as the White House officially confirmed that the Trump-Xi meeting will take place on October 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea.
The encounter marks the first meeting between the two leaders since 2019.
President Trump has expressed his aspiration to reach broader agreements with Xi on topics such as trade, nuclear energy, and has indicated his intent to discuss China’s acquisition of Russian oil during their talks.
According to Bessent, the accord involves plans to suspend the proposed 100% tariff on Chinese imports that was scheduled to begin on November 1.
During discussions with Chinese Vice Premier He Lifeng and chief trade negotiator Li Chenggang at the ASEAN Summit in Malaysia, Bessent explained that both parties reached an understanding.
Under this arrangement, Beijing would delay its export restrictions on rare earth minerals for a period of one year while further negotiations take place.
The agreement also concludes the sale of TikTok’s US branch and paves the way for the renewal of Chinese purchases of American soybeans, which had been suspended since September due to the ongoing tariff conflict, as noted by the US Treasury head.
Speaking to journalists during the Malaysia gathering, Li affirmed that the United States and China have come to a “preliminary consensus” following “intense” rounds of negotiation.
He emphasized that the deal now awaits domestic approval from both sides.
This framework accord emerges as the White House officially confirmed that the Trump-Xi meeting will take place on October 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea.
The encounter marks the first meeting between the two leaders since 2019.
President Trump has expressed his aspiration to reach broader agreements with Xi on topics such as trade, nuclear energy, and has indicated his intent to discuss China’s acquisition of Russian oil during their talks.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment