US Has Reached A “substantial Framework” With China To Avert Tariffs, Bessent Says

Treasury Secretary Scott Bessent said today that he believes the US has reached a framework agreement with China to avoid imposing an additional 100% tariff on Chinese imports.

“I think we’ve reached a substantial framework for the two leaders who will meet next Thursday … that tariffs will be averted,” Bessent said on ABC’s “This Week” from Kuala Lumpur, Malaysia, where President Donald Trump arrived Saturday for a weeklong Asia diplomacy tour.

Treasury Secretary Scott Bessent is interviewed at the White House on Wednesday.Kevin Lamarque/Reuters

Trump is expected to meet with Chinese leader Xi Jinping in South Korea later this week.

Earlier, Chinese International Trade Representative Li Chenggang said the US and China had reached “preliminary consensus” on trade issues during discussions in Malaysia, according to Chinese media.

More on the preliminary agreement: Bessent did not provide details about the framework but said on NBC’s “Meet the Press” that he anticipates the US would get “some kind of deferral” on rare-earth export controls. The minerals have been central to trade tensions between the top global economies.

Bessent said the framework sets up Trump and Xi “to have a very productive meeting,” adding, “I think it will be fantastic for US citizens, for US farmers, and for our country in general.”

CNN