Treasury Secretary Scott Bessent signaled on Sunday that the U.S. and China will significantly de-escalate their trade war under a framework he negotiated.

In an interview on CBS News’ Face the Nation with Margaret Brennan , Bessent said an additional 100% tariff that President Donald Trump threatened earlier this month is “effectively off the table,” along with China’s rare earth restrictions.

“So I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime,” he said.

Trump and Chinese President Xi Jinping are scheduled to meet Thursday on the sidelines of a regional economic conference in South Korea, where they will determine the final details of a deal.

Bessent said Trump’s 10

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