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U.S. and China Outline Framework for New Trade Deal Ahead of Trump–Xi Summit. Top U.S. and Chinese negotiators have agreed on the framework of a new trade deal for Presidents Donald Trump and Xi Jinping to decide on later this week. U.S. Treasury Secretary Scott Bessent said the talks, held in Kuala Lumpur on the sidelines of the ASEAN Summit, helped avoid Trump's planned 100% tariffs on Chinese imports due to start November 1. He added that Beijing is expected to delay new rare-earth export rules for a year while the policy is reviewed. China confirmed only a "preliminary consensus," while Trump told reporters he believes "a deal is coming." Both leaders are expected to meet Thursday during the APEC Summit in South Korea to finalise the agreement. The deal would extend the current tariff truce and reopen China's purchases of U.S. soybeans. Negotiators also discussed rare-earth access, the U.S. fentanyl crisis, and TikTok's ownership transfer. Trump's Asia tour will also include meetings with leaders from Japan, Malaysia, and South Korea — with more talks planned in both China and the U.S.
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