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US, China reach ‘framework’ of trade deal, Bessent says
The agreement includes deferring China’s rare-earth export controls and avoiding a 100% U.S. tariff, with talks covering agricultural purchases and fentanyl precursor controls, officials said.
- U.S. and Chinese officials reached a framework at the ASEAN Summit in Kuala Lumpur to delay tariffs and rare-earth export controls, Scott Bessent said.
- After China tightened rare-earth export restrictions Oct. 9 just ahead of the Trump-Xi summit, global supply chains faced fresh pressure as the world lacks ready productive capacity, analysts say.
- Data show China controls more than 90 of the world's rare‑earths, and officials say Beijing bought none of the September soybean harvest but may revive purchases.
- Bessent said the talks left punishing triple-digit levies off the table, while Li Chenggang confirmed a preliminary consensus and said proposals will go through internal approval processes next.
- The framework extends beyond tariffs to include TikTok transfer to U.S. ownership and cooperation on fentanyl and precursor chemicals, but analysts warn its durability is uncertain.
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Pres. Trump, China Pres. Xi Jinping reach short-term trade agreement following meeting
President Donald Trump and Chinese President Xi Jinping reached a short-term trade agreement, which comes after their face-to-face meeting in Busan, South Korea — their first direct talks since 2019. The agreement, described by Trump as “an amazing meeting” and “a 12 out of 10,” includes tariff reductions, renewed Chinese purchases of American agricultural and energy products, and a temporary pause on Beijing’s planned restrictions on rare earth…
Winnipeg Free Press+3 Reposted by 3 other sources
The Latest: Trump and China’s Xi have met face-to-face to try to solve months of trade tensions
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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Leaning Left61Leaning Right62Center141Last UpdatedBias Distribution53% Center
Bias Distribution
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53% Center
L 23%
C 53%
R 24%
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