US and China agree ‘framework’ for trade deal ahead of Xi-Trump meeting

The US and China sketched a framework for a trade deal at the ASEAN summit in Malaysia, easing fears of 100% tariffs from 1 November and including a ‘final deal’ on TikTok. Treasury secretary Scott Bessent said Beijing will delay rare‑earth export controls for a year, while both sides pause punitive steps and pursue approvals. Jamieson Greer cited a path to more access to rare earths and balancing trade. The move lowers the risk of a wider trade war, as teams also opened talks with Brazil after a ‘positive’ meeting with Lula.

Reviewed by JQJO team

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