US and Chinese representatives reached a preliminary agreement on a new trade deal during the ASEAN summit held in Malaysia. As a result of the negotiations, the parties agreed to temporarily suspend tariffs and delay China's export restrictions on rare metals for one year.
According to US Treasury Secretary Scott Bessent, this decision cancels the 100 percent tariffs that President Donald Trump was expected to introduce in November. In addition, China will resume purchasing soybean products from the United States.
The Chinese side commented cautiously, stating that a “preliminary agreement” exists. Vice Premier He Lifeng noted that the talks were held in a spirit of compromise but emphasized that the final decision would be announced after the two leaders meet.
Trump and Xi Jinping will meet on October 31 at the Asia-Pacific Economic Summit in South Korea. They are expected to confirm the main terms of the trade deal.
Experts believe this agreement could ease the tense trade relations between the US and China and positively affect global market stability.
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