Overview
- Negotiators in Kuala Lumpur said the framework spans export controls, reciprocal tariff extensions, agricultural purchases, fentanyl measures, and shipping and port fees.
- Treasury Secretary Scott Bessent said the understanding would avert President Trump’s planned 100% tariffs, and he told ABC he expects China to delay new rare-earth rules for a year.
- U.S. trade representative Jamieson Greer said teams are finalizing details for leaders to consider, while China’s Li Chenggang described candid talks and a preliminary consensus.
- Officials emphasized the arrangement is not a final deal and still requires domestic approvals and leader sign-off, with timing, terms, and enforcement unresolved.
- Markets reacted to the headlines, with Bitcoin briefly topping about $113,000 and crypto liquidations exceeding roughly $657 million, according to CoinDesk-cited data.