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US Treasury Secretary Scott Bessent announced on Sunday that the United States and China had reached a preliminary agreement to de-escalate their ongoing, tariff-fuelled trade war, just days before Presidents Donald Trump and Xi Jinping are set to meet.
Following talks in Kuala Lumpur, Bessent confirmed that the US threat of imposing 100 per cent tariffs on Chinese goods had been effectively averted.
In return, China committed to postponing its curbs on rare earth exports for one year and agreed to make “substantial” purchases from US farmers, particularly in the soybean sector.
The secretary added that a “final deal” was also reached regarding the US version of the widely popular social media app TikTok, with all security details ironed out.
He expects Trump and Xi to formally announce the full agreement at their summit in South Korea this week.
Furthermore, the two sides settled on terms for China to begin assisting the US in regulating the precursor chemicals responsible for the fentanyl epidemic.
