Kuala Lumpur: In a major breakthrough that could defuse one of the most intense phases of trade tensions between Washington and Beijing, U.S. Treasury Secretary Scott Bessent announced that the United States and China have reached a “substantial framework” to prevent the imposition of a new 100 percent tariff on Chinese imports. Speaking on ABC’s This Week from Kuala Lumpur, Malaysia, where President Donald Trump has begun a weeklong Asian diplomacy tour, Bessent said the emerging deal would pave the way for a high-level meeting between Trump and Chinese President Xi Jinping later this week in South Korea.

“I think we’ve reached a substantial framework for the two leaders who will meet next Thursday … that tariffs will be averted,” Bessent told host George Stephanopoulos, expressing opt

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