Comments from both the US and China side were positive following two days of meetings between top trade negotiators.
"I think we have a very successful framework for the leaders to discuss on Thursday," US Treasury Secretary Scott Bessent told reporters.
The leaders will meet in the week ahead with looming deadlines on Chinese rare earth mineral exports and a boost in US tariffs.
China top trade negotiator Li Chenggang said both sides had reached a "preliminary consensus" and will go through the approval process.
On NBC, Bessent said he anticipated China would defer export controls on rare earth minerals and avoid new US tariffs.
Markets will take this as a positive but not a surprise. Almost immediately after announcing the 100% tariffs, Trump said he expected to make a deal and that 'China will be fine'.
Update: Bessent now says US farmers will feel good about the coming soybean seasons for several years. That likely means a larger deal with US tariffs and/or export controls on chips being dropped.
