U.S., China Set Trade Framework, Lifting Tariff Threat and Delaying Rare‑Earth Curbs

Treasury Secretary Scott Bessent said the planned 100% tariff hike on Chinese goods is off the table and that Beijing will defer rare‑earth export licensing for about a year. Negotiators in Kuala Lumpur outlined a framework that U.S. officials say would extend the tariff truce and pause the latest round of trade escalation. The package anticipates substantial Chinese purchases of U.S. soybeans and steps on fentanyl enforcement, with discussions also touching port-related fees. Bessent said a final TikTok arrangement has been reached, with Trump and Xi expected to formalize it at their meeting in South Korea this week. Washington said export controls on advanced semiconductors remain unchanged, while Chinese officials described only a preliminary consensus pending domestic approvals.