Treasury Secretary Scott Bessent confirms US-China trade deal 'framework' now in place
WASHINGTON, DC: Treasury Secretary Scott Bessent revealed on Sunday, October 26, that the United States and China have reached a “framework” for a trade deal aimed at preventing a new round of steep tariffs on Chinese imports.
Speaking to NBC News’ 'Meet the Press', Bessent said Beijing was ready to make a deal “after two days of negotiations,” and that President Donald Trump and Chinese President Xi Jinping are expected to meet later this week in South Korea to formalize the agreement.
The talks come ahead of Trump’s threatened 100% tariffs on Chinese goods, set to take effect on November 1 if Beijing follows through on restricting exports of rare earth minerals.
Rare earth exports are at the center of the deal
China, which dominates the global supply of rare earth minerals critical to electronics and defense manufacturing, has alarmed Washington with threats to curb exports.
“I’m also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese had discussed,” Bessent said, calling the framework “very substantial.”
.@SecScottBessent on President Trump's meeting with Xi Jinping: "I believe that we have the framework for the two leaders to have a very productive meeting for both sides — and I think it will be fantastic for U.S. citizens, for U.S. farmers, and for our country in general." pic.twitter.com/0DpRyk45Js
— Rapid Response 47 (@RapidResponse47) October 26, 2025
He added that Trump’s tariff threat provided “a great deal of negotiating leverage” that pushed both sides toward compromise.
"The president had given me maximum leverage when he threatened 100% tariffs if the Chinese imposed their rare earth global export controls, so I think we have averted that," he said to ABC News' 'This Week'.
.@SecScottBessent: "The President had given me maximum leverage when he threatened 100% tariffs if the Chinese imposed their rare earth global export controls, so I think we have averted that." pic.twitter.com/xeTCrUEkov
— Rapid Response 47 (@RapidResponse47) October 26, 2025
Trump and Xi to meet during the Asia tour
Trump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations (ASEAN), the first stop in a five-day tour expected to culminate in a face-to-face meeting with Xi Jinping in South Korea on Thursday.
Bessent said Trump could visit Beijing early next year, just ahead of the Lunar New Year, with a reciprocal meeting in Washington planned before Xi’s expected visit for the G20 summit next fall.
Big meeting incoming between President Trump and President Xi… 👀
— Karoline Leavitt (@PressSec) October 26, 2025
But first, Japan and South Korea, here we come! 🇯🇵🇺🇸🇰🇷 https://t.co/u0RJMrE6Qv
Drug and farm trade on the discussion table
Beyond tariffs, Bessent said the US plans to raise the issue of drug trafficking, which Trump has cited as a reason for imposing tariffs and to secure new Chinese commitments on agricultural purchases.
“I think we will be able to discuss them helping us get this terrible... crisis under control,” Bessent said.
“I think we are going to be able to discuss substantial soybean and [agriculture] purchases for our American farmers,” he added.
Beijing confirms ‘preliminary consensus’
China’s top trade negotiator, Li Chenggang, confirmed that both sides had reached a “preliminary consensus” after talks in Malaysia.
The discussions, which included Bessent and US Trade Representative Jamieson Greer, covered the trade truce and export controls.
President Trump sounded optimistic after the talks.
He said, “I think we’re going to have a deal with China,” hinting that more meetings with Xi in both Beijing and Washington are on the horizon.