US - China reach framework agreement on trade

VTV.vn - Yesterday, top economic officials of China and the US agreed on a framework agreement for trade between the two countries.

US - China reach framework agreement on trade

The decision was made after face-to-face discussions on the sidelines of the ASEAN Summit in the Malaysian capital Kuala Lumpur.

Speaking to reporters, US Treasury Secretary Scott Bessent confirmed that the two sides had reached a "very successful" preliminary agreement for the leaders of the two countries to discuss on October 30. According to the head of the US financial industry, 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 has warned will be imposed on Chinese goods from November 1.

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 said that the US position was very tough. He added that the two sides had undergone very intense consultations and engaged in constructive exchanges to seek solutions and ways to address these concerns.

The positive development comes as the trade truce between the two countries is set to expire on November 10. Mr. Bessent said 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