President Donald Trump and Chinese Premier Xi Jinping are expected to reach a deal to avert 100% tariffs on China, Treasury Secretary Scott Bessent said following talks with China’s top trade negotiat

Top Chinese and U.S. economic officials on Sunday hashed out the framework of a trade deal for U.S. President Donald Trump and Chinese President Xi Jinping to finalize that would pause steeper American tariffs and Chinese rare earths export controls and resume U.

Top trade negotiators for the US and China said they came to terms on a range of contentious points, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease trade tensions that have rattled global markets.

President Donald Trump and Chinese President Xi Jinping are expected to reach a deal to avert a new 100% U.S. tariff on Chinese goods.

The president’s swing through Malaysia, Japan and Korea will also include meetings with allies strained by tariffs.

Treasury Secretary Scott Bessent revealed a trade deal framework with China after two days of meetings with his counterparts from the rival nation. The move means the U.S. might not have to slap the 100% tariffs on Chinese imports that President Donald Trump had threatened as of Nov.

Sunday night after the Trump administration negotiated a framework for a trade deal with China that should avoid mutual assured destruction. Treasury Secretary Scott Bessent offered rough outlines of an agreement that include China easing rare earth export restrictions and buying “significant” amounts of U.

U.S. stock-market futures gained Sunday after top negotiators for the U.S. and China expressed optimism that a new trade deal is in reach, ahead of a key meeting later this week between President Donald Trump and China’s President Xi Jinping.