Efforts have increased to stop the trade war between the United States and China. Then US Treasury Secretary Scott Besant announced on Sunday that the two countries have reached an “important framework agreement” that could avoid America’s plan to impose 100% tariffs on Chinese goods. In addition, China can also temporarily suspend export controls on rare earth minerals. This agreement has been made before the meeting between US President Donald Trump and Chinese President Xi Jinping next week.
US Treasury Secretary Besant said on NBC’s Meet the Press program, ‘I don’t think we will have to impose 100% tariffs. I hope that China will also suspend its rare earth mineral export controls for a while. Under this framework, the two countries will also discuss issues such as balanced trade, purchases of American agricultural products and the fentanyl crisis.
Besant said, “President Trump and Xi Jinping will decide on the final terms of the agreement. The two leaders are scheduled to meet in South Korea next week. The US had previously warned that if China continues to control rare earth minerals, new three-digit tariffs will be imposed from November 1.”
The discussion took place during the ongoing ASEAN summit in Kuala Lumpur. It was attended by Chinese Vice Premier He Lifeng, top trade negotiator Li Chenggang, US Treasury Secretary Scott Besant and US Trade Representative Jamieson Greer. Li Chenggang said the two sides had reached initial agreement on issues such as a trade war pause, fentanyl and export controls.
“I think we have a very strong framework ready for Thursday’s meeting between the leaders. I am confident that we will reach an agreement with China. The talks are moving in a positive direction,” Besant told reporters.
