Treasury Secretary Scott Bessent said Sunday that the U.S. and China will likely avoid 100 percent American tariffs on Chinese good after negotiators settled on a plan for a possible trade agreement. <\/p>\n
Bessent told<\/a> NBC News\u2019 Kristen Welker that \u201cafter two days of negotiations\u201d with Chinese International Trade Representative Li Chenggang in Malaysia, a \u201cframework\u201d of a deal has been reached. President Trump and Chinese President Xi Jinping are expected to meet in South Korea on Thursday, capping off Trump\u2019s five-day trip to Asia.<\/p>\n Earlier this month, Trump announced<\/a> he would impose 100 percent tariffs on Chinese goods by Nov. 1. That came in response to Beijing requiring<\/a> foreign entities to obtain a license to export any products containing over 0.1 percent of rare earth minerals, either sourced in China or manufacturing via its extraction process. <\/p>\n China controls roughly 70 percent of the globe\u2019s rare earths.<\/p>\n \u201cPresident Trump gave me a great deal of negotiating leverage with the threat of the 100 percent tariffs, and I believe we\u2019ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,\u201d Bessent told NBC. <\/p>\n