Treasury Secretary, Scott Bessent told the NBC News moderator during an interview Sunday on Meet the Press that China was ready to make a deal “after two days of negotiations.
“President Trump and Chinese President Xi Jingping are expected to make a deal to avert our new 100% US tariff on Chinese goods,” Bessent said. A framework is ready for a meeting this week between Trump and Xi probably on Thursday.
“I’m also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese have discussed,” Bessent said.
“President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,” Bessent continued.
Treasury Secretary Bessent: “[China and the U.S.] have reached a substantial framework for the two leaders who will meet in Korea next Thursday… I think we have averted [the 100% tariffs on China]. The tariffs will be averted.” pic.twitter.com/Gs232NL5pd
— RedWave Press (@RedWave_Press) October 26, 2025
President Trump will likely visit Xi in Beijing early next year.
Trump is currently in Malaysia for the Summit of the Association of Southeast Asian Nations and he will likely meet with Xi in South Korea on Thursday. The first topic he wants to bring up is fentanyl. China says that the fentanyl crisis stems from Americans demand for the drug.
