The secretary of United States Treasury, Scott Bessantstated this Sunday that negotiations with the Chinese delegation were “constructive” and resulted in a structure of understanding that avoid new fees e will postpone Chinese restrictions on export of rare earth minerals — essential for the technology industry. According to Bessent, the postponement may last for around a year.
“President Trump gave me a lot of room to negotiate with the threat of 100% tariffs, and I believe we have reached a very substantial structure that will avoid that scenario,” declared Bessent, in an interview with NBC.
The talks also included advances in agricultural tradein particular in supporting North American soybean producers affected by the Chinese boycott, and a final agreement on TikTokwhich must be restructured to avoid banning in the United States.
The two countries also committed to strengthen cooperation in the fight against fentanyla substance that Washington considers a public health emergency.
Negotiations took place in Malaysia, with Bessent and the US trade representative, Jamieson Greerto meet with the Chinese Vice Premier, He Lifengand Beijing’s chief negotiator, Li Chenggang. According to the state agency Xinhuaa “basic consensus” was reached on several dossiers, although final details still await approval.
The meeting between Trump and Xi, the first of the US president’s second term, could mark a turning point in the trade war which has dominated relations between Washington and Beijing for years.
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