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(NewsNation) — Treasury Secretary Scott Bessent announced Sunday that the U.S. and China person reached a “substantial framework” for a trade agreement that could assistance debar 100 percent tariffs connected Chinese goods.
Earlier this month, President Trump threatened to enforce 100 percent tariffs connected Chinese goods arsenic of Nov. 1, successful effect to China tightening its power implicit rare world minerals. Speaking with NBC’s “Meet the Press,” Bessent says helium nary longer anticipates that volition happen.
"President Trump gave maine a large woody of negotiating leverage with the menace of the 100 percent tariffs connected November 1st," Bessent said. "And I judge we've reached a precise important model that volition debar that and let america to sermon galore different things with the Chinese."
Bessent highlighted uncommon world minerals arsenic a large absorption point.
“I'm besides anticipating that we volition get immoderate benignant of a deferral connected the uncommon world export controls that the Chinese had discussed,” Bessent said. “My counterpart, the vice premier, and I person acceptable the framework, and it volition beryllium up to the 2 leaders to sermon the last terms.”
This comes arsenic President Trump prepares to conscionable with Chinese President Xi Jinping this week during his multi-nation commercialized trip successful Asia.
"We're going to bash good with China, we'll conscionable with President Xi successful South Korea, and I deliberation we'll person a bully woody with them," Trump said during the ASEAN acme connected Sunday. "They privation to marque a deal, and we privation to marque a deal."
The president suggested that aboriginal meetings betwixt himself and Xi would instrumentality spot betwixt successful the U.S. successful either Washington oregon Mar-a-Lago successful Florida.
