US-China Deal Framework Sets Stage for 'Productive' Trump–Xi Talks, Treasury Secretary Bessent Says

1 minute

The United States and China have agreed on a preliminary framework for a trade deal ahead of a planned meeting between President Donald Trump and Chinese President Xi Jinping later in the week of 27 October 2025, according to Treasury Secretary Scott Bessent.

The arrangement temporarily halts the planned 100% US tariffs on Chinese goods and postpones China's export restrictions on rare-earth minerals. Bessent said the deal also includes provisions to expand Chinese purchases of US agricultural products.

He expressed optimism, saying the framework sets the stage for "a very productive meeting for both sides" that will benefit "U.S. citizens, farmers, and for [the] country in general."

The two leaders are set to meet in South Korea, where they are expected to review and possibly finalize the agreement.

Report from the IBFD Newsroom. Follow our reporting on this via our daily Tax News Service (subscribers only).

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