Trade Negotiators Say There's a Framework Now for Trump, Xi

Top US and Chinese negotiators struck an optimistic tone after two days of trade talks in Kuala Lumpur over the weekend, signaling progress ahead of a meeting between President Trump and China's Xi Jinping. Treasury Secretary Scott Bessent said the discussions produced "a very successful framework" for the summit, scheduled for later this week, while Chinese Vice Commerce Minister Li Chenggang said the two sides had reached a "preliminary consensus" on key disputes. The talks, held in the Malaysian capital, covered an array of issues, the Wall Street Journal reports: export controls, the future of suspended tariffs, fentanyl trafficking, agricultural purchases, and access to China's rare earth minerals.

The US pressed China to resume buying American soybeans and crack down on chemicals used in fentanyl production, while China defended its economic interests. "The US position has been tough," Li said, per Reuters. The two sides agreed to continue a temporary truce on tariffs, set to expire Nov. 10, though Bessent said any extension would ultimately be up to Trump, who arrived Sunday for the meeting of Southeast Asian leaders. Li said the next step is for each country to seek internal approval on the preliminary agreements, but he didn't share specifics.

The backdrop to the talks is a volatile trade relationship that has seen both countries repeatedly raise and then reduce tariffs, rattling global markets, per the Journal. The Malaysia meeting was the fifth round of high-level negotiations this year, following several flare-ups, including new US restrictions on Chinese tech firms and tighter Chinese controls on rare earth exports. Trump has said he's seeking "a really comprehensive deal" with China. Unresolved questions include whether the US will proceed with a threatened 100% tariff on Chinese goods next month, and if restrictions on American technology exports to China will be eased.