Representatives of the US and China reached a preliminary agreement on a new trade deal during the ASEAN summit held in Malaysia. This was reported by Zamin.uz.
As a result of the negotiations, the parties agreed to temporarily halt tariff rates and to delay for one year the restrictions imposed on China's rare metals exports. According to US Treasury Secretary Scott Bessent, this decision cancels the 100 percent tariffs that President Donald Trump was expected to implement starting in November.
Additionally, China will begin repurchasing soybean products from the US. The Chinese side cautiously commented on this agreement, stating that it is preliminary in nature.
Vice Premier He Lifeng emphasized that the negotiations were conducted in a conciliatory spirit, but the final decision will be announced after the meeting of the two countries' leaders. President Trump and Chinese leader Xi Jinping will meet on October 31 at the Asia-Pacific Economic Summit held in South Korea.
They are expected to confirm the main terms of the trade agreement. Experts believe that this agreement could ease the tense trade relations between the US and China and have a positive impact on the stability of global markets.
This agreement is regarded as an important step aimed at improving economic relations between the two countries.
