In a surprising turn of events that could reshape global economic dynamics, the United States and China have agreed on a preliminary trade deal framework just days before a highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping. The development marks the first substantial progress toward easing tensions between the world’s two largest economies in years-and could avert a potentially disastrous escalation of tariffs.

According to US Treasury Secretary Scott Bessent, the framework includes a suspension of the proposed 100% tariff on Chinese imports that was scheduled to take effect on November 1. In exchange, China has agreed to postpone its planned export restrictions on rare earth minerals-a vital component for the global technology and defense industries-for at least one year while further negotiations continue.

Bessent, speaking to NBC, revealed that the agreement was reached after “intense but productive” discussions with Chinese Vice Premier He Lifeng and chief trade negotiator Li Chenggang during the ASEAN Summit in Malaysia. “This framework marks a step toward restoring economic balance and predictability,” Bessent said. “Both nations recognize that a trade war benefits no one, and stability is essential for the global economy.”

The 100% tariff proposal, first floated by Trump’s economic advisers earlier this month, had rattled markets and alarmed manufacturers on both sides of the Pacific. American importers warned that the measure would sharply increase consumer prices, while Chinese officials accused Washington of “weaponizing trade.”

The new framework, if finalized, would represent a rare act of restraint by both capitals, especially amid escalating political rhetoric and mutual suspicion. Under the terms outlined by Bessent, China would also resume purchases of US........

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