US and China closer to a trade deal, says Bessent
Published on 26/10/2025 09:24 PM
US and China closer to a trade deal, says BessentChina’s op trade negotiator Li Chenggang said both sides had reached a “preliminary consensus” and will next go through their respective internal approval processes.By CNBCTV18October 26, 2025, 9:24:04 PM IST (Updated)2 Min Read“I think we have a very successful framework for the leaders to discuss on Thursday,” US Treasury Secretary Scott Bessent told reporters on the day President Donald Trump arrived in Kuala Lumpur, the first stop in his five-day tour of Asia, which would include a meeting with Chinese peer Xi Jinping.
The agreement would defer China’s expanded export controls on rare earth minerals and magnets and avoid a new 100% US tariff on Chinese goods from November 1, threatened by Trump, Bessent reportedly added.
The current pause on tariffs that both sides have imposed on each other is scheduled to expire on November 10.
Bessent said the truce could be extended if Trump decides to. This would be the second extension of the tariff pause since it was first signed in May.
Trump wants China to buy more of America's agricultural produce, particularly soybeans, and curb fentanyl trafficking amidst an effort to rebalance trade between the two countries. "I think we’re going to have a deal with China." the American President said in Kuala Lumpur, ahead of the summit of the the Association of Southeast Asian Nations (ASEAN).
"We have experienced very intense consultations and engaged in constructive exchanges in exploring solutions and arrangements to address these concerns,” China's Li said.
Global markets are looking for a truce between Trump and Xi. Beijing is yet to confirm the meeting of the two leaders of the world's two largest economies and military powers, despite an official announcement by the White House.
: US vs China: Who has the edge in the trade war?Continue ReadingFirst Published: Oct 26, 2025 9:22 PM ISTCheck out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!Tagsglobal marketstrump tariffs