"The US and China have agreed a framework for a trade deal just days before Donald Trump and Chinese president Xi Jinping are due to meet. Treasury secretary Scott Bessent said the agreement, forged on the sidelines of the Association of south-east Asian Nations (Asean) summit in Malaysia on Sunday, would remove the threat of the imposition of 100% tariffs on Chinese imports starting on 1 November and include a final deal on the sale of TikTok in the US."
"Trump arrived in Malaysia on Sunday for the summit, his first stop in a five-day Asia tour that is expected to culminate in a face-to-face with Xi in South Korea on Thursday. After the talks, the US president struck a positive tone, saying: I think we're going to have a deal with China. Bessent said China said it would delay the export controls on minerals used in fighter jets, smartphones and electric vehicles for a year as part of the truce."
"An agreement between the US and China reduces the chances of an all out global trade war that threatened car production across Europe and the UK. It comes after months of escalated trade tensions between the two economic super-powers, triggered by Trump's liberation day tariff announcement outside the White House in April. With just days to go before their current tariff truce was due to end, Xi showed he had no intention of submitting to Trump's threats of 100% tariffs. Ins"
The US and China agreed a trade framework days before a scheduled meeting between Presidents Trump and Xi. Treasury secretary Scott Bessent said the truce, forged at the ASEAN summit in Malaysia, would remove the threat of 100% tariffs set for 1 November and include a final arrangement on TikTok. China agreed to delay export controls on minerals used in jets, smartphones and electric vehicles for one year. China's top trade negotiator Li Chenggang said both sides reached a preliminary consensus and will seek internal approvals. The agreement lowers the risk of a global trade war and raised hopes for related US-Brazil talks.
Read at www.theguardian.com
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