Overview
- Treasury Secretary Scott Bessent said the U.S. 100% tariff threat is effectively off the table and China would defer rare‑earth export controls.
- Bessent said China would make substantial agricultural purchases, including reopening U.S. soybean buys.
- The sides agreed to cooperate on precursor chemicals used to make fentanyl, according to Bessent.
- Bessent said a TikTok transaction has been finalized at the negotiator level for leaders to formalize on Thursday in Korea.
- Chinese envoy Li Chenggang said the talks produced preliminary consensus on export controls, fentanyl and shipping levies, with issues such as U.S. port service fees and China’s retaliatory measures to be addressed.