(Reuters) – U.S. Treasury Secretary Scott Bessent said on Sunday he had reached a “very substantial framework” with Chinese Vice Premier He Lifeng that will avoid 100% U.S. tariffs on Chinese goods and achieve a deferral of China’s rare earth export controls.
Bessent said during the taping of an interview with NBC’s “Meet the Press” that the framework reached in Kuala Lumpur, Malaysia, will allow President Donald Trump and Chinese President Xi Jinping to discuss greater trade cooperation next week. The agenda would include more balanced trade between the United States and China, Chinese purchases of American soybeans and other agricultural products and controlling the fentanyl crisis in the United States.
Asked if he anticipated the United States would proceed with Trump’s threat to impose 100% tariffs on Chinese goods, Bessent said: “No, I don’t, and I also anticipate that we will get some kind of deferral on the rare earth export controls that the Chinese had discussed.” Bessent added that the two leaders would decide the final terms.
(Reporting by David Lawder; editing by Mark Heinrich)