"In the run-up to the meeting, scheduled for Thursday on the sidelines of the Asia-Pacific Economic Cooperation summit (APEC), trade representatives from both countries said they had hashed out a framework agreement involving lower US tariffs on Chinese imports and China's delaying curbs on exports of rare earth minerals. After arriving in South Korea on Wednesday, Trump said he expected that a "lot of problems" will be solved during the talks."
"Although details of the framework deal have not been made public, on Sunday, US Treasury Secretary Scott Bessent told US media outlets that it would likely include "some kind of deferral" on Chinese rare earth mineral export controls and call for China to buy a "substantial" amount of US soybeans. Bessent also said Trump's threat of 100% tariffs was "effectively off the table.""
A framework was hashed out involving lower US tariffs on Chinese imports and a postponement of Chinese curbs on rare earth exports. Trump's prior announcement of 100% tariffs and China's rare-earth restrictions had shocked markets. The prospect of leader-level negotiations raised global stock markets. The framework likely includes a deferral on rare-earth export controls and requests for China to purchase a substantial amount of US soybeans. The 100% tariff threat appears removed. Concessions by both sides improved investor optimism, while strategic rivalry is expected to persist long-term.
Read at www.dw.com
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