U.S. Treasury Secretary Scott Bessent said the United States and China are nearing a breakthrough trade agreement that could revive agricultural exports and cool tensions over technology and tariffs.
Earlier:
Speaking after two days of talks in Malaysia with Beijing’s top negotiator, Bessent told U.S. networks that China will resume substantial purchases of American soybeans for several years and delay its planned expansion of rare-earth export licensing by at least a year while both sides review the regime.
- said President Donald Trump and President Xi Jinping are expected to finalise the deal Thursday when they meet at the APEC summit in South Korea
- said that the threatened 100% tariffs on Chinese imports are now off the table, calling the risk of escalation “gone away” after constructive dialogue.
Bessent in interviews with CBS’s “Face the Nation” and ABC’s “This Week”
---
Risk sentiment may improve on signs of a thaw in U.S.-China relations, with agricultural and tech shares likely to benefit from renewed Chinese imports and easing trade threats. Commodities tied to China’s industrial policy—like rare earths—may face short-term price corrections.
