Kuala Lumpur, Malaysia — Negotiators have reached a framework of a trade deal to avert additional 100% tariffs that President Donald Trump had threatened to impose on imports from China, setting the stage for the U.S. president’s highly anticipated meeting with Chinese leader Xi Jinping on Thursday.

Treasury Secretary Scott Bessent said in interviews Sunday that constructive meetings with his Chinese counterparts led to the deal, with the delegation from Beijing agreeing to defer restrictions on rare earth minerals that were poised to harm the U.S. economy. The announcement marked a significant de-escalation of a whiplashing trade war between the world’s two largest economies, which heated up when Trump threatened to ratchet up tariffs earlier this month in response to China’s restrictio

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