US, China reach 'framework' of trade deal, Bessent says [View all]

Source: The Hill

10/26/25 7:58 AM ET


Treasury Secretary Scott Bessent said Sunday that the U.S. and China will likely avoid 100 percent American tariffs on Chinese good after negotiators settled on a plan for a possible trade agreement. Bessent told NBC News’ Kristen Welker that “after two days of negotiations” with Chinese International Trade Representative Li Chenggang in Malaysia, a “framework” of a deal has been reached. President Trump and Chinese President Xi Jinping are expected to meet in South Korea on Thursday, capping off the former’s five-day trip to Asia.

Earlier this month, Trump announced he would impose 100 percent tariffs on Chinese goods by Nov. 1. That came in response to Beijing requiring foreign entities to obtain a license to export any products containing over 0.1 percent of rare earth minerals, either sourced in China or manufacturing via its extraction process.

China controls roughly 70 percent of the globe’s rare earths.

“President Trump gave me a great deal of negotiating leverage with the threat of the 100 percent tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,” Bessent told NBC.

Read more: https://thehill.com/policy/international/5573659-us-china-trade-agreement-bessent/