Trump arrived in Malaysia for an ASEAN summit, saying after talks, \u201cI think we\u2019ll have a deal with China.\u201d
\n Kaula lumpur
\nTop Chinese and US economic officials agreed on the framework for a trade agreement on Sunday as US President Donald Trump said he was confident of hashing out a deal with Chinese President Xi Jinping when they meet in the coming days.
\nUS Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang on the sidelines of the ASEAN summit in Kuala Lumpur for a fifth round of in-person discussions since May.
\n\u201cI think we have a very successful framework for the leaders to discuss on Thursday,\u201d Bessent told reporters.
\nBessent told NBC\u2019s \u201cMeet the Press\u201d that he anticipated the agreement would defer China\u2019s expanded export controls on rare earth minerals and magnets and avoid a new 100% US tariff on Chinese goods threatened by Trump.
\nHe said Trump and Xi would discuss soybean and agricultural purchases from American farmers, more balanced trade and resolving the US fentanyl crisis, which was the basis of 20% US tariffs on Chinese goods.
\nChina\u2019s Li said both sides had reached a \u201cpreliminary consensus\u201d and will next go through their respective internal approval processes.
\n\u201cThe US position has been tough,\u201d Li said. \u201cWe have experienced very intense consultations and engaged in constructive exchanges in exploring solutions and arrangements to address these concerns.\u201d
\nTrump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations, his first stop in a five-day Asia tour that is expected to culminate in a face-to-face with Xi in South Korea on October 30.
\nAfter the talks, he struck a positive tone, saying: \u201cI think we\u2019re going to have a deal with China\u201d.
\nTrade truce
\nBoth sides are looking to avert an escalation of their trade war after Trump threatened new 100% tariffs on Chinese goods and other trade curbs starting on November 1, in retaliation for China\u2019s expanded export controls on rare earth magnets and minerals.
\nBeijing and Washington rolled back most of their triple-digit tariffs on each other\u2019s goods under a trade truce, which is due to expire on November 10.
\nThe S&P 500 gaining more than three-quarters of a percent and the Nasdaq climbing more than 1%.
\nThe US and Chinese officials said they discussed trade expansion, an extension of the truce, fentanyl, US port entrance fees, rare earths, TikTok and more.
\nLi described the discussions as \u201ccandid\u201d, while Bessent said they were \u201cvery substantial negotiations\u201d.
\nBessent said the truce could be extended, pending the president\u2019s decision, marking a second extension since it was first signed in May.
\nTalking points
\nWhile the White House has officially announced the highly anticipated Trump-Xi talks, Beijing has yet to confirm that the two leaders will meet.
\nOn the sidelines of the ASEAN Summit, Trump hinted at possible meetings with Xi in China and the United States.
\n\u201cWe\u2019ve agreed to meet. We\u2019re going to meet them later in China, and we\u2019re going to meet in the US, in either Washington or at Mar-a-Lago,\u201d he said.
\nAmong Trump\u2019s talking points with Xi are Chinese purchases of US soybeans, concerns around democratically-governed Taiwan which Beijing views as its own territory, and the release of jailed Hong Kong media tycoon Jimmy Lai.
\nThe detention of the founder of the now-defunct pro-democracy newspaper Apple Daily has become the most high-profile example of China\u2019s crackdown on rights in Hong Kong.
\nTrump also said that he would seek China\u2019s help in Washington\u2019s dealings with Russia, as Moscow\u2019s war in Ukraine grinds on.
\nFragile truce
\nTensions between the world\u2019s two largest economies flared in the past few weeks as a delicate trade truce, reached after a first round of trade talks in Geneva in May and extended in August, failed to prevent the two sides from hitting each other with more sanctions, export curbs and threats of stronger retaliatory measures.
\nThe latest round of talks has likely centred around China\u2019s expanded controls of rare earths exports that have caused a global shortage.
\nThat has prompted the Trump administration to consider a block on software-powered exports to China, from laptops to jet engines, according to a Reuters report.<\/p>\n","protected":false},"excerpt":{"rendered":"
Trump arrived in Malaysia for an ASEAN summit, saying after talks, \u201cI think we\u2019ll have a deal with China.\u201d Kaula lumpur Top Chinese and US economic officials agreed on the framework for a trade agreement on Sunday as US President Donald Trump said he was confident of hashing out a deal with Chinese President Xi […]<\/p>\n","protected":false},"author":2,"featured_media":510932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-510908","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n