US, China inch closer to trade deal amid talks

ByEnigma 808

Senior American and Chinese economic officials reached a preliminary trade agreement framework on Sunday that both nations’ leaders will review later this week. The arrangement would suspend higher US tariffs and Chinese restrictions on rare earth exports.

US Treasury Secretary Scott Bessent said the discussions at the ASEAN Summit in Kuala Lumpur removed the possibility of 100 percent tariffs that President Donald Trump had threatened to impose starting Nov. 1. Bessent added that China would likely postpone its rare earth minerals licensing requirements for one year.

Trump and Chinese President Xi Jinping will meet on Thursday at the Asia-Pacific Economic Cooperation summit in South Korea to finalize terms. The White House confirmed the meeting, though China has not yet done the same.

Bessent indicated the tariff pause would extend past its Nov. 10 deadline. China also agreed to resume buying American soybeans after purchasing none in September.

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    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.