Treasury Secretary Scott Bessent said Sunday that the U.S. and China will likely avoid 100 percent American tariffs on Chinese good after negotiators settled on a plan for a possible trade agreement.

Bessent told NBC News’ Kristen Welker that “after two days of negotiations” with Chinese International Trade Representative Li Chenggang in Malaysia, a “framework” of a deal has been reached. President Trump and Chinese President Xi Jinping are expected to meet in South Korea on Thursday, capping off the former’s five-day trip to Asia.

Earlier this month, Trump announced he would impose 100 percent tariffs on Chinese goods by Nov. 1. That came in response to Beijing requiring foreign entities to obtain a license to export any products containing over 0.1 percent of rare earth minerals, eithe

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