FX.co ★ U.S., China Set Stage for Trade Deal Before Trump–Xi Meeting

Leading U.S. and Chinese negotiators announced that they have reached a consensus on several key issues, setting the stage for a meeting between Presidents Donald Trump and Xi Jinping later this week, where they aim to finalize a trade agreement to alleviate ongoing tensions. After two days of discussions in Malaysia, officials revealed that both nations had found common ground on topics such as export controls, fentanyl, and shipping tariffs. U.S. Treasury Secretary Scott Bessent informed CBS News that Trump's threat of imposing 100% tariffs on Chinese products is "effectively off the table." He also mentioned that China has committed to making "substantial" soybean purchases and will postpone its rare-earth export controls for a year to reconsider them. The leaders are anticipated to extend the tariff truce, address differences over TikTok, and ensure the secure supply of rare-earth elements crucial to high-tech industries. Bessent added that Trump and Xi intend to discuss a global peace initiative, with Trump seeking Xi's assistance in ending Russia’s conflict in Ukraine.