US, China reach preliminary trade framework
Shafaq News – Kuala Lumpur
A trade deal between the United States and China is moving closer to completion after officials from both countries reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to finalize during their upcoming meeting, officials from the world’s two largest economies confirmed on Monday.
The progress came after weeks of friction over technology exports and tariffs. Beijing recently restricted shipments of rare earth elements vital to high-tech manufacturing, prompting Trump to threaten additional duties on Chinese goods.
Speaking with Reuters, China’s top trade negotiator Li Chenggang noted that both sides had achieved a “preliminary consensus,” while US Treasury Secretary Scott Bessent characterized the outcome as “a very successful framework.”
Stressing that the threat of further tariffs on Chinese products was now “effectively off the table,” he highlighted that the discussions had produced initial agreements to curb the flow of fentanyl precursor chemicals into the United States and to boost Chinese purchases of US soybeans as well as other farm goods.
When asked how close the deal was to completion, Bessent remarked that its success would ultimately “depend on the two presidents.”
The breakthrough came on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in Malaysia, where Trump announced several major trade deals with Southeast Asian countries and oversaw the signing of a ceasefire agreement between Thailand and Cambodia.
Last week, Trump expressed optimism that an accord was within reach, noting that “the Chinese want to make a deal and we want to make a deal.” The Republican president is due to meet Xi on Thursday in South Korea, the final leg of his Asian tour.
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