The United States and China have reached a framework for a new trade deal ahead of a crucial meeting between Presidents Donald Trump and Xi Jinping later this week.
US Trade Secretary Scott Bessent confirmed the breakthrough, saying the agreement includes a final deal on TikTok’s US operations and a one-year delay in China’s restrictions on rare earth mineral exports.
He also revealed that China will resume major soybean purchases from the US, while the proposed 100% tariff on Chinese goods is unlikely to take effect.
Both countries are seeking to ease tensions and avoid a renewed escalation in the ongoing trade war between the world’s two largest economies.
Trump and Xi are expected to formalize the deal during their meeting in South Korea on Thursday, a move analysts say could mark a major step toward restoring global trade stability.
News edited by Favour Owonibi