Kuala Lumpur [Malaysia], October 26 (ANI): China and the United States on Sunday reached a basic consensus on a preliminary trade deal after two days of talks in Kuala Lumpur, ahead of a potential meeting between the presidents of the two countries.
The talks between Chinese and American economic officials were led by Chinese Vice Premier He Lifeng, US Secretary of the Treasury Scott Bessent, and US Trade Representative Jamieson Greer, ahead of the November 10 expiration of a temporary tariff truce.
“The essence of China-US economic and trade relations is mutual benefit and win-win results, and the two countries gain from cooperation and lose from confrontation,” Chinese Vice Premier He Lifeng said, as reported by Xinhua.
Addressing reporters after the talks, China’s international trade representative with the Ministry of Commerce, Li Chenggang, said a “basic consensus” was reached after an “in-depth and candid discussion.” He noted that the US side expressed its position in a tough manner, while China remained resolute in safeguarding its interests.
The talks covered export controls, the US Section 301 measures on China’s maritime, logistics, and shipbuilding sectors, extension of the suspension of reciprocal tariffs, fentanyl-related tariffs, and law enforcement cooperation, Li said. The consensus will go through domestic approval procedures in both countries.
Meanwhile, US Treasury Secretary Scott Bessent told NBC News that President Donald Trump would most likely meet Chinese President Xi Jinping in Beijing early next year. In an interview with ABC, Bessent said the US threat of a 100 percent tariff hike on Chinese goods had effectively been taken off the table in exchange for Beijing deferring curbs on its global rare earth exports. He added that China had also agreed on “substantial” purchases from US farmers.
A “framework” is now ready for a meeting this week between Trump and Xi, intended to avoid the harsher tariffs threatened by Trump starting November 1 should Beijing move forward with restrictions on rare earth minerals, Bessent told the American news outlet.
Trump arrived in Malaysia on Sunday to participate in the summit of the Association of Southeast Asian Nations (ASEAN). He is scheduled to visit Japan and South Korea, where he is expected to meet Xi Jinping on Thursday.
Talking to reporters after a meeting with Brazilian President Luiz Inácio Lula da Silva on the sidelines of the ASEAN summit, the US President expressed confidence in reaching a trade deal with Xi Jinping when they meet later this week in South Korea. (ANI)
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