Washington, Oct 27: Top US and Chinese officials reached a tentative framework for a new trade agreement that could ease tensions, delay looming tariffs, and postpone China’s rare earths export restrictions, US officials said on Sunday.US Treasury Secretary Scott Bessent announced that negotiations on the sidelines of the ASEAN Summit in Kuala Lumpur had eliminated the threat of President Donald Trump’s planned 100 per cent tariffs on Chinese imports set for November 1.
He added that China is expected to postpone for a year the rollout of its rare earths export licensing system while it undergoes review.