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The United States and China are nearing an agreement to avert a sweeping 100% tariff on Chinese goods, and Presidents Donald Trump and Xi Jinping are expected to meet soon to finalize the deal, Treasury Secretary Scott Bessent said Sunday.
In an interview on NBC News’ Meet the Press, Bessent said Beijing was “ready to make a deal after two days of negotiations” and that a “framework” had been established for a meeting this week between Trump and Xi aimed at avoiding the tariffs, which Trump has threatened to impose Nov. 1.
The potential breakthrough follows months of escalating trade tensions between the world’s two largest economies, which have rattled global markets and complicated U.S.-China relations.
“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, referring to Beijing’s planned restrictions on critical minerals used in electronics and defense technology.
China dominates the global supply chain for rare earth elements, which the Trump administration has called a national security priority.
“President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,” Bessent said.
Trump, Xi expected to meet twice in coming months
Trump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations — the first stop on a five-day Asia tour expected to culminate with a face-to-face meeting with Xi in South Korea on Thursday.
Bessent later told NBC News that Trump would likely visit Xi in Beijing early next year, just before the Lunar New Year on Feb. 17. A follow-up meeting in Washington could take place ahead of Xi’s planned visit to the U.S. next fall for the Group of 20 summit, he said.
Trump has said he plans to raise the issue of fentanyl in his discussions with Xi. The U.S. has accused China of failing to curb the export of precursor chemicals used to manufacture the deadly opioid, which Trump has repeatedly cited as justification for his tariffs.
China, meanwhile, has said the U.S. fentanyl crisis stems from domestic demand and that it has taken “strong enforcement measures” to stop the illicit trade.
“I think we will be able to discuss them helping us get this terrible fentanyl crisis under control,” Bessent said. “I think we are going to be able to discuss substantial soybean and [agriculture] purchases for our American farmers.”
Preliminary consensus reached
China’s top trade negotiator, Li Chenggang, said Sunday that both sides reached a preliminary consensus on issues including fentanyl enforcement, export controls, and an extension of the current trade truce.
Li and Chinese Vice Premier He Lifeng met with Bessent and U.S. Trade Representative Jamieson Greer in Malaysia over the weekend.
Trump sounded optimistic after the talks, telling reporters, “I think we’re going to have a deal with China.”
“We’ve agreed to meet. We’re going to meet them later in China, and we’re going to meet in the U.S., in either Washington or at Mar-a-Lago,” he said.
