Bessent says US, China reach framework deal on rare earths, Trump’s tariff threat -NBC interview
(Reuters) – U.S. Treasury Secretary Scott Bessent said on Sunday that he had reached a “very important framework” with Chinese Vice Premier He Lifeng that would avoid 100% of U.S. tariffs on Chinese goods and allow for a postponement of China’s rare earth export controls.
The framework reached in Kuala Lumpur, Malaysia, will allow President Donald Trump and Chinese President Xi Jinping to discuss greater trade cooperation next week, Bessent said during the taping of an interview with NBC’s “Meet the Press.” The agenda will include more balanced U.S.-China trade, China’s purchases of American soybeans and other agricultural products, and containing the U.S. fentanyl crisis.
Asked if he expected the U.S. would continue Trump’s threat of 100 percent tariffs on Chinese goods, Bessent said: “No, I don’t, and I also predict we’ll get some sort of reprieve on rare earth export controls that the Chinese have been discussing.” Bessent added that the final terms will be determined by the two leaders.
(Reporting by David Lawder; editing by Mark Heinrich)
