US treasury secretary anticipates tariff truce with China will be extended, and that China will revive substantial purchases of US soybeans
US treasury secretary anticipates tariff truce with China will be extended, and that China will revive substantial purchases of US soybeans
The US and China have agreed a framework for a trade deal just days before Donald Trump and Chines president Xi Jinping are due to meet.
Treasury secretary Scott Bessent said the agreement, forged on the sidelines of the Association of south-east Asian Nations (Asean) summit in Malaysia on Sunday, would remove the threat of the imposition of 100% tariffs on Chinese imports starting on 1 November and include “a final deal” on the sale of TikTok in the US.
Trump arrived in Malaysia on Sunday for the summit, his first stop in a five-day Asia tour that is expected to culminate in a face-to-face with Xi in South Korea on Thursday.
After the talks, the US president struck a positive tone, saying: “I think we’re going to have a deal with China.”
Bessent said China said it would “delay” the export controls on minerals used in fighter jets, smartphones and electric vehicles for a year as part of the truce.
China’s top trade negotiator, Li Chenggang, said both sides had reached a “preliminary consensus” and will next go through their respective internal approval processes.
“The US position has been tough,” Li said.
