US Trade Deal Framework Established: Insights from Secretary Bessent
US Trade Deal Framework Established
Treasury Secretary Scott Bessent declared on Sunday that the US and China have made significant strides in negotiations, likely avoiding 100 percent tariffs on Chinese goods. Following a two-day meeting in Malaysia with Chinese International Trade Representative Li Chenggang, a substantial framework has been reached.
Details of the Negotiations
- Bessent indicated that the negotiations have provided valuable leverage against the 100 percent tariffs proposed by President Trump.
- China currently controls approximately 70 percent of the globe's rare earth minerals, essential for various industries.
President Trump is expected to meet with Chinese President Xi Jinping in South Korea, culminating a five-day trip through Asia. Earlier announcements of imposing tariffs by November 1 were directly related to Beijing's stringent export policies.
Upcoming Meetings and Future Plans
- Further discussions are planned for after the Lunar New Year on February 17.
- Additional meetings are anticipated in the U.S. next fall for the Group of 20 summit.
This progress is crucial as both countries aim to address various trade issues, including fentanyl regulations and increased purchases of American soybeans.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.