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China and the United States have reached what both sides are calling a “basic consensus” on a potential trade agreement, following two days of intensive discussions ahead of a high-profile meeting between US President Donald Trump and Chinese President Xi Jinping.
According to state-run Xinhua News Agency, the agreement was reached during talks between Chinese Vice Premier He Lifeng and the US delegation led by Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. The negotiations took place on the sidelines of the ASEAN summit in Kuala Lumpur.
Describing the dialogue as “candid, in-depth, and constructive,” He Lifeng said both nations had covered a wide spectrum of issues — including tariffs, agricultural trade, export restrictions, and joint measures against fentanyl trafficking. He emphasized that “mutual benefit and win-win outcomes” remain the cornerstone of economic relations between the two global powers, adding that cooperation serves both sides, while confrontation harms both.
US Position Following Talks
After the meetings, Treasury Secretary Scott Bessent told CBS News that Washington’s threat to impose an additional 100% tariff on Chinese imports “has effectively gone away.” The proposed tariffs had been introduced in response to Beijing’s expanded export controls on rare earth elements vital to industries ranging from electronics to defense manufacturing.
“We had a very good two-day meeting,” Bessent said. “I believe the threat of the 100% tariff is off the table, as is the risk of China launching an immediate global export control regime.”
Trump’s Optimism Ahead of Xi Meeting
President Trump arrived in Malaysia on Sunday to attend the ASEAN summit — the first stop of his five-day Asia tour, which will conclude with his meeting with Xi Jinping in South Korea on October 30. Speaking to reporters, Trump voiced confidence about the talks: “I think we’re going to have a deal with China.”
The renewed negotiations come amid growing global unease over China’s export curbs on rare earth magnets and minerals — measures that have disrupted supply chains and intensified geopolitical tensions. Despite several rounds of sanctions and countermeasures in recent months, both nations appear to be moving cautiously toward renewed economic cooperation after previous truces reached in Geneva earlier this year.
[Newsroom staff written original, where key claims or facts are used, I’ve referenced the original sources (like CNN, CNBC, CBS news, Reuters etc.) transparently.]
