The United States and China have reportedly reached an agreement on the framework for a potential trade deal, which will be discussed further in an upcoming meeting between the leaders of both nations this week.
US Treasury Secretary Steven Mnuchin confirmed the development, highlighting key points of the agreement, including a “final settlement” on TikTok’s US operations and China’s decision to delay new controls on rare earth mineral exports.
Mnuchin also stated that there is no longer a likelihood of the 100% tariff on Chinese goods proposed by President Donald Trump. Meanwhile, China is set to resume significant soybean purchases from the US.
Both countries are working to prevent the ongoing trade war from escalating further. President Trump is currently on a week-long visit to Asia, during which he is scheduled to meet with Chinese President Xi Jinping in South Korea.
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