The United States and China have reached agreement on several important issues as part of ongoing trade talks. This comes ahead of a major meeting between United States President Donald Trump and Chinese President Xi Jinping later this week.
United States Treasury Secretary Scott Bessent confirmed that the threat of 100 percent tariffs on Chinese goods “is effectively off the table”. In recent weeks, concern had grown that a trade war could resume after China introduced new export restrictions and Trump warned of higher tariffs.
A Chinese official said that both sides have formed an initial consensus on key points that include export controls, fentanyl, and shipping charges. These positive developments suggest that the situation is improving after a tense period.
During an interview with a common news outlet, Bessent said, “We had a very good two day meeting. I would believe that the so it would be an extra 100 percent from where we are now, and I believe that is effectively off the table. I would expect that the threat of the 100 percent has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime.”
The proposed tariffs were earlier announced as part of Trump’s response to China’s expanded export controls on rare earth materials. These materials are vital for global industries including electronics and defence.
Bessent also said that the agreement between Trump and Xi would extend the current tariff truce. It would also help resolve the dispute involving the sale of TikTok and secure the supply of rare earth magnets.
He further stated that China will make “substantial” purchases of American soybeans following the talks. If China confirms this, the decision will support farmers in the United States who have been facing financial pressure after China reduced its purchases this season. Soybean imports have been a major bargaining tool for Beijing during negotiations.
Trump’s meeting with Xi will be their first face to face discussion since Trump returned to the White House.
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