"Bessent told CBS' "Face the Nation" that the threat of additional higher tariffs on China was "effectively off the table." In interviews on several American news shows, he said discussions with China yielded initial agreements to stop the precursor chemicals for fentanyl from coming into the U.S., and that Beijing would make "substantial" purchases of soybean and other agricultural products while putting off export controls on rare earths."
"Trump also expressed confidence that an agreement was at hand, saying the Chinese "want to make a deal and we want to make a deal." The Republican president is set to meet with Xi on Thursday in South Korea, the final stop of his trip through Asia. Trump reiterated that he plans to visit China in the future and suggested that Xi could come to Washington or Mar-a-Lago, Trump's private club in Florida."
"Any agreement would be a relief to international markets even it does not address underlying issues involving manufacturing imbalances and access to state-of-the-art computer chips. Beijing recently limited exports of rare earth elements that are needed for advanced technologies, and Trump responded by threatening additional tariffs on Chinese products."
Any agreement would relieve international markets while not resolving deeper manufacturing imbalances or access to state-of-the-art computer chips. Beijing recently limited exports of rare earth elements needed for advanced technologies, and the U.S. responded with threats of additional tariffs. China's top trade negotiator reported a preliminary consensus, and U.S. treasury secretary Scott Bessent described a very successful framework. Bessent said higher tariffs were effectively off the table and cited initial agreements to curb fentanyl precursor flows and for China to make substantial agricultural purchases while delaying rare-earth export controls. The progress occurred during the ASEAN summit amid broader trade tensions and domestic disruptions caused by tariffs and political conflict.
Read at Fortune
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