Trump and Xi set to meet after US agrees 'framework' of trade deal with China
Donald Trump and China’s President Xi Jinping are set to meet this week after the “framework” for a trade deal between the two superpowers was agreed.
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The Trump administration walked back on threats of hitting China with an extra 100 per cent tariff on Sunday after Beijing hinted plans to restrict the exports of rare earth minerals could be paused.
The two leaders are expected to meet on Tuesday to further solidify any possible trade deal and discuss the planned sale of TikTok, as well as the war in Ukraine.
A continuation of the trade war between Washington and Beijing is “effectively off the table”, US Treasury Secretary Scott Bessent said on Sunday.
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“The president had given me maximum leverage when he threatened 100 per cent tariffs if the Chinese impose their rare earth global export controls,” he told ABC News.
“So, I think we have averted that … the tariffs will be averted.
“They had threatened to put a global export licensing regime [on rare earth minerals] and I believe that they are going to delay that for a year while they reexamine it,” he added.
He added that the planned sale of TikTok from China-owned ByteDance to a consortium of US-backed investors is likely to go ahead soon.
The US President arrived in Malaysia on Sunday for the first leg of his Asia tour, which could include a meeting with North Korean dictator Kim Jong-un.
Speaking from Air Force One, Mr Trump said: “I would [meet him] if he would contact.
“They have a lot of nuclear weapons but not a lot of telephone service.”
He added: “I’m open to it. I had a great relationship with them.
“He probably knows I’m coming, right? If you want to put out the word, I’m open to it.”