Overview
- After two days of talks in Kuala Lumpur, Treasury Secretary Scott Bessent said the threatened additional 100% tariff on Chinese goods is effectively off the table.
- Bessent said Beijing would delay its expanded rare‑earth export controls for about a year while it reexamines the policy.
- The framework includes substantial Chinese purchases of U.S. soybeans and cooperation on precursor chemicals tied to the fentanyl crisis.
- Bessent said the parties have ironed out details for a U.S. TikTok transaction for Trump and Xi to finalize at their meeting in South Korea on Thursday.
- Chinese negotiators described the outcome as a preliminary consensus pending internal approvals, with an extension of the Nov. 10 tariff truce under discussion.