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Bessent Says U.S. and China Reached ‘Substantial Framework’ to Avert 100% Tariffs

Treasury Secretary Scott Bessent said Sunday that Washington and Beijing reached a 'very substantial framework' after talks in Kuala Lumpur that would hold off threatened 100% tariffs on Chinese goods and defer China's rare-earth export controls, with final terms left to Trump and Xi.

By admin Oct. 18, 2026 · 8:53 PM ET 2 min read

A container cargo ship sits docked at a port beside rows of stacked shipping containers and loading cranes.

The United States and China have reached a “very substantial framework” to de-escalate their trade fight, Treasury Secretary Scott Bessent said Sunday, after high-level talks in Kuala Lumpur, Malaysia.

Bessent told NBC’s “Meet the Press” that the framework would prevent Washington from imposing threatened 100% tariffs on Chinese goods and would bring “some kind of a deferral” of China’s planned rare-earth export controls, according to Reuters, as reported by NewsPoint.

A container cargo ship sits docked at a port beside rows of stacked shipping containers and loading cranes.

“No, I’m not [anticipating the 100% tariffs], and I’m also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese had discussed,” Bessent said.

The framework also covers Chinese purchases of American soybeans and other farm products, the Chinese ownership of TikTok, and measures to address the fentanyl crisis, Bessent said. Final terms are expected to be decided by President Donald Trump and Chinese President Xi Jinping when they meet in South Korea this week, though Beijing has not officially confirmed the face-to-face meeting.

A golden soybean field stretches under a wide sky as a combine harvester works in the distance.

What led to the talks

Trump had threatened new triple-digit tariffs starting Nov. 1 in response to China’s expanded controls on rare-earth magnets and minerals. The two countries had previously rolled back most tariffs under a truce signed in May, which is due to expire Nov. 10; Bessent said the truce could be extended pending Trump’s decision.

Chunks of dark metallic mineral ore and small disc magnets rest on a laboratory tray.

Bessent and U.S. Trade Representative Jamieson Greer met on the sidelines of the ASEAN summit with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang. Li said the two sides reached a “preliminary consensus” on issues including the truce extension, fentanyl and export controls, though he gave no details. The Chinese side described the discussions as “in-depth” and “candid,” City News Service reported.

Trump, who arrived in Malaysia on Sunday for the ASEAN summit, said, “I think we’re going to have a deal with China,” according to Reuters. Bessent said the framework would give the two leaders “a very successful framework” to discuss when they meet.

Kuala Lumpur's skyline glows at dusk, dominated by its twin-towered skyscrapers.

Reporting based on coverage by NewsPoint (citing Reuters) and City News Service.

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