“I think we have a very successful framework for the leaders to discuss on Thursday,” US Treasury Secretary Scott Bessent told reporters on the day President Donald Trump arrived in Kuala Lumpur, the first stop in his five-day tour of Asia, which would include a meeting with Chinese peer Xi Jinping.

The agreement would defer China’s expanded export controls on rare earth minerals and magnets and avoid a new 100% US tariff on Chinese goods from November 1, threatened by Trump, Bessent reportedly added.

The current pause on tariffs that both sides have imposed on each other is scheduled to expire on November 10.

Bessent said the truce could be extended if Trump decides to. This would be the second extension of the tariff pause since it was first signed in May.

Trump wants China to buy

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