The US and China reach a framework agreement on trade.
The decision was made after in-person discussions on the sidelines of the ASEAN Summit in Kuala Lumpur, Malaysia.
Speaking to reporters, US Treasury Secretary Scott Bessent confirmed that the two sides had reached a "very successful" preliminary agreement for discussion by the leaders of the two countries on October 30th. According to the head of the US Treasury, with this agreement, China may postpone tightening export controls on rare earth minerals and magnets, and avoid the new 100% tariffs that US President Donald Trump had warned he would impose on Chinese goods starting November 1st.
On the Chinese side, Li Chenggang said that both sides had reached a "preliminary consensus" and the next step would be to go through each country's internal approval processes. Li Chenggang said that the US position was very firm. He added that the two sides had undergone very intense consultations and engaged in constructive exchanges to find solutions and ways to address these concerns.
This positive development comes as the trade truce between the two countries is scheduled to expire on November 10th. Mr. Bessent stated that the truce could be extended, depending on the president's decision. If so, this would be the second extension since the agreement was first signed in May.
Source: https://vtv.vn/my-trung-quoc-dat-thoa-thuan-khung-ve-thuong-mai-100251027083655985.htm
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