US Treasury Chief: Trade Framework Reached; Tariffs, Rare Earths, Soybeans Await Trump–Xi Decision | WPN World People News

U.S. Treasury Secretary Scott Bessent said Sunday on three American morning talk shows that the fifth round of U.S.–China trade negotiations has reached a preliminary consensus on issues including tariffs, rare earths, soybeans, and TikTok, establishing a “framework” for the upcoming Trump–Xi summit on the 30th.

He noted that China agreed to delay its full export controls on rare earths by one year and to resume purchases of U.S. soybeans this year and next. Both sides also reached an understanding on TikTok’s ownership restructuring. In return, the U.S. will refrain from imposing an additional 100% tariff on Chinese goods and will maintain its existing export restrictions. President Trump is expected to personally announce the details of the agreement and present a global peace initiative.

Bessent and U.S. Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and Vice Commerce Minister Li Chenggang over the weekend in Kuala Lumpur, Malaysia, for the fifth round of trade talks. Speaking on ABC’s This Week, Bessent said the two sides reached key agreements, including a plan to review existing tariffs after one quarter, China’s resumption of U.S. agricultural imports, and cooperation in addressing fentanyl precursor chemicals. He emphasized that while China had threatened to restrict global rare earth supplies, it has now reviewed its policy and agreed to delay implementation for a year.

Appearing on NBC’s Meet the Press, Bessent added that the framework is set for the Trump–Xi meeting in South Korea on Thursday. As a soybean farmer himself, he acknowledged the challenges faced by American farmers after China halted soybean imports, a move that affected many Trump supporters. However, he noted that this year’s harvest was one of the largest in decades and that farmers will benefit in the coming years if the deal proceeds smoothly. He also revealed that President Trump plans to unveil a comprehensive global peace plan covering Asia, the Middle East, Ukraine, and Russia during the summit.