Overview
- Treasury Secretary Scott Bessent said the planned 100% tariff hike on Chinese goods is off the table and that Beijing will defer rare‑earth export licensing for about a year.
- Negotiators in Kuala Lumpur outlined a framework that U.S. officials say would extend the tariff truce and pause the latest round of trade escalation.
- The package anticipates substantial Chinese purchases of U.S. soybeans and steps on fentanyl enforcement, with discussions also touching port-related fees.
- Bessent said a final TikTok arrangement has been reached, with Trump and Xi expected to formalize it at their meeting in South Korea this week.
- Washington said export controls on advanced semiconductors remain unchanged, while Chinese officials described only a preliminary consensus pending domestic approvals.