U.S. President Donald Trump listens to Cambodia’s Prime Minister Hun Manet forward of a ceremonial signing of a ceasefire settlement between Thailand and Cambodia on the sidelines of the forty seventh Affiliation of Southeast Asian Nations Summit in Kuala Lumpur, Malaysia, on Oct. 26, 2025.
Mohd Rasfan | Through Reuters
High Chinese language and U.S. financial officers agreed on the framework for a commerce settlement on Sunday as U.S. President Donald Trump mentioned he was assured of hashing out a cope with Chinese language President Xi Jinping after they meet within the coming days.
U.S. Treasury Secretary Scott Bessent and Commerce Consultant Jamieson Greer met with Chinese language Vice Premier He Lifeng and prime commerce negotiator Li Chenggang on the sidelines of the ASEAN summit in Kuala Lumpur for a fifth spherical of in-person discussions since Could.
“I feel we have now a really profitable framework for the leaders to debate on Thursday,” Bessent advised reporters.
Bessent advised NBC’s “Meet the Press” that he anticipated the settlement would defer China’s expanded export controls on uncommon earth minerals and magnets and keep away from a brand new 100% U.S. tariff on Chinese language items threatened by Trump.
He mentioned Trump and Xi would talk about soybean and agricultural purchases from American farmers, extra balanced commerce and resolving the U.S. fentanyl disaster, which was the idea of 20% U.S. tariffs on Chinese language items.
China’s Li mentioned each side had reached a “preliminary consensus” and can subsequent undergo their respective inner approval processes.
“The U.S. place has been powerful,” Li mentioned. “Now we have skilled very intense consultations and engaged in constructive exchanges in exploring options and preparations to deal with these issues.”
Trump arrived in Malaysia on Sunday for a summit of the Affiliation of Southeast Asian Nations, his first cease in a five-day Asia tour that’s anticipated to culminate in a face-to-face with Xi in South Korea on October 30.
After the talks, he struck a constructive tone, saying: “I feel we will have a cope with China.”
Commerce truce
Either side wish to avert an escalation of their commerce warfare after Trump threatened new 100% tariffs on Chinese language items and different commerce curbs beginning on Nov. 1, in retaliation for China’s expanded export controls on uncommon earth magnets and minerals.
Beijing and Washington rolled again most of their triple-digit tariffs on one another’s items underneath a commerce truce, which is because of expire on November 10.
The U.S. and Chinese language officers mentioned they mentioned commerce enlargement, an extension of the truce, fentanyl, U.S. port entrance charges, uncommon earths, TikTok and extra.
Li described the discussions as “candid,” whereas Bessent mentioned they have been “very substantial negotiations”.
Bessent mentioned the truce could possibly be prolonged, pending the president’s resolution, marking a second extension because it was first signed in Could.
Speaking factors
Whereas the White Home has formally introduced the extremely anticipated Trump-Xi talks, Beijing has but to substantiate that the 2 leaders will meet.
On the sidelines of the ASEAN Summit, Trump hinted at attainable conferences with Xi in China and america.
“We have agreed to satisfy. We’ll meet them later in China, and we will meet within the U.S., in both Washington or at Mar-a-Lago,” he mentioned.
Amongst Trump’s speaking factors with Xi are Chinese language purchases of U.S. soybeans, issues round democratically-governed Taiwan, which Beijing views as its personal territory, and the discharge of jailed Hong Kong media tycoon Jimmy Lai.
The detention of the founding father of the now-defunct pro-democracy newspaper Apple Day by day has change into essentially the most high-profile instance of China’s crackdown on rights in Hong Kong.
Trump additionally mentioned that he would search China’s assist in Washington’s dealings with Russia, as Moscow’s warfare in Ukraine grinds on.
Fragile truce
Tensions between the world’s two largest economies flared previously few weeks as a fragile commerce truce, reached after a primary spherical of commerce talks in Geneva in Could and prolonged in August, failed to stop the 2 sides from hitting one another with extra sanctions, export curbs and threats of stronger retaliatory measures.
The newest spherical of talks has possible centered round China’s expanded controls of uncommon earths exports which have brought on a worldwide scarcity.
That has prompted the Trump administration to contemplate a block on software-powered exports to China, from laptops to jet engines, in keeping with a Reuters report.
