Bessent says "framework" deal with China will avoid 100% tariff increase
Summary
The United States has made a basic trade agreement with China to prevent a 100% increase in tariffs. This decision is expected to ease worries in financial markets and among businesses about rising costs. President Trump and China's leader, Xi Jinping, are set to meet soon to discuss various topics.Key Facts
- The U.S. and China have agreed on a "framework" trade deal.
- This deal will stop a planned 100% increase in tariffs.
- Treasury Secretary Scott Bessent announced the agreement.
- Tariffs were about to rise to 155% on November 1.
- President Trump said such high tariffs were not manageable.
- Trump and Xi Jinping plan to meet soon to discuss issues like rare earth minerals and technology exports.
- The announcement was made on NBC's "Meet the Press."
- The news is part of a developing story and may be updated.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.