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US President Donald Trump said on Sunday he was confident he could reach a trade deal with Chinese President Xi Jinping when they are expected to meet next week. His comments came after negotiators from both countries reached a first-stage understanding in talks that ended in Kuala Lumpur.
Top US officials Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met Chinese Vice Premier He Lifeng and senior negotiator Li Chenggang during the ASEAN Summit. It was their fifth in-person round of talks since May.
Bessent told reporters, according to Reuters: “I think we have a very successful framework for the leaders to discuss on Thursday.”
He told NBC’s Meet the Press that the developing agreement would delay China’s expanded export controls on rare earth minerals and magnets, while avoiding a new 100% US tariff threatened by Trump.
Trump said the two leaders will also look at agricultural trade, improving trade balance and cooperation on fentanyl, which has been a reason for US tariffs on Chinese goods.
Trump arrived in Malaysia on Sunday to attend the ASEAN summit the first stop of his Asia trip that is due to end with a meeting with Xi in South Korea on 30 October.
After the talks wrapped up, he said: “I think we’re going to have a deal with China.”
Li said both sides had reached a “preliminary consensus” and would now begin internal approvals.
Washington and Beijing are trying to prevent new disruptions after Trump again threatened 100% tariffs and other restrictions from 1 November in response to China’s expanded rare earth export controls.
The two governments had rolled back most of their highest tariffs under a trade truce that expires on 10 November. Officials said they discussed a possible extension, as well as issues including fentanyl, US port fees, rare earths and TikTok.
Li said the talks were “candid”. Bessent described them as “very substantial negotiations”, Reuters reported.
Bessent also said the truce could be extended, depending on Trump’s decision. It has already been extended once since May.
The White House has announced that Trump and Xi will meet, but Beijing has not confirmed the plan. Trump said he expects to see Xi in China and the United States in future meetings.
“We’ve agreed to meet. We’re going to meet them later in China, and we’re going to meet in the US, in either Washington or at Mar-a-Lago,” he said.
He added he wants to discuss Chinese purchases of US soybeans, the situation in Taiwan, and the case of detained Hong Kong publisher Jimmy Lai.
Trump said he would also ask for China’s help regarding Russia’s war in Ukraine, which is nearing its fourth year.
Relations have worsened in recent weeks despite the current truce. Both sides have continued to threaten tariffs and export limits, especially over rare earths materials used in electronics and defence products.
Reuters has reported that the US is considering restricting advanced software-driven exports to China, including items used in computing and aviation. A new US tariff investigation into China’s trade practices was also launched before the latest talks.
Any deal will face challenges as the US-China trade relationship worth around $660 billion per year — remains under strain. Chinese Vice Premier He said he hopes both countries will “meet each other halfway”, according to state media.
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