The BRICS TimesBaseant confirmed that the final terms of the accord will be decided by Presidents Trump and Xi Jinping. Their crucial meeting is scheduled for next week in South Korea.
Major progress has been made to pause the US-China trade conflict. US Treasury Secretary Scott Baseant announced on Sunday a ‘significant framework agreement’ between the two nations. This deal might delay the US plan to impose 100% tariffs on Chinese goods. Also, China may temporarily postpone its export controls on rare earth minerals. This arrangement comes right before the planned meeting next week. US President Donald Trump and China’s President Xi Jinping will hold that summit.
100% Tariffs May Not Be Necessary!
Secretary Baseant spoke on NBC’s Meet the Press program. “I do not believe we will need to implement the 100% tariff,” he stated. “Furthermore, I expect China to delay its rare earth export controls for a period.” He mentioned this framework will cover several issues. These include balanced trade between the countries. It also addresses US agricultural product purchases and the fentanyl crisis.
Final Terms Set at Trump-Xi Meeting
Baseant clarified that the final details will be determined by Presidents Trump and Xi Jinping. Their high-stakes meeting is set for the following week in South Korea. The US had previously warned China about new three-digit tariffs. These tariffs were scheduled to take effect on November 1. This warning was for if China continued its controls on rare earth magnets and minerals.
Key Discussions During ASEAN Summit
The crucial talks took place during the ongoing ASEAN Summit in Kuala Lumpur. Attendees included China’s Vice Premier He Lifeng and top trade negotiator Li Chenggang. Secretary Scott Baseant and US Trade Representative Jamieson Greer also participated. Li Chenggang reported preliminary consensus was reached on key areas. These include a trade truce, fentanyl, and export controls.
‘Positive Atmosphere Now Exists Between Us’
Baseant told reporters, “I think we have a very strong framework ready for the leaders’ meeting on Thursday.” Meanwhile, President Trump commented, “I am confident we will reach a deal with China. The discussions are moving in a positive direction.”
Major Step to De-escalate Trade Conflict
This agreement is viewed as a significant move. It aims to reduce the ongoing US-China trade war. Both nations have faced rising tension over recent months. This was due to tariffs, export controls, and counter-sanctions. Expectations are high for the Trump-Xi meeting. Positive announcements could cover soybean trade, the Taiwan issue, and the release of Hong Kong media mogul Jimmy Lai.
