US and China agree framework of trade deal ahead of Trump-Xi meeting
Summary
The United States and China have come to a basic agreement on a trade deal framework to be discussed by President Trump and Chinese President Xi Jinping. Key issues include tariffs on Chinese goods, China's rare earth minerals controls, and US soybean sales to China. The leaders will meet in South Korea later this week to discuss these points further.Key Facts
- The US and China have agreed on a framework for a possible trade deal.
- President Trump and President Xi will meet in South Korea to talk about the deal.
- The deal includes a final agreement on TikTok's US operations.
- China will temporarily delay its tightened control over rare earth minerals exports.
- President Trump had threatened 100% tariffs on Chinese goods if China did not ease restrictions, but these tariffs are now not expected to take effect.
- China plans to resume buying soybeans from the US, benefiting US farmers.
- A deal on TikTok aims to separate its US operations from its Chinese parent company, ByteDance.
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