U.S.-China Framework Agreed Ahead of Trump-Xi Meeting

Senior U.S. and Chinese trade negotiators meeting in Kuala Lumpur said they reached a preliminary framework on tariffs and other trade issues that leaders can review and finalize. The framework covers tariffs and reciprocal tariff extensions, export controls including rare earths, fentanyl‑related measures, and agricultural purchases such as soybeans. The agreement is intended as a prelude to a high‑stakes Trump‑Xi meeting scheduled for Thursday in South Korea, where leaders would decide whether to conclude a deal. President Trump said he was optimistic a deal could be reached, suggested a final ownership resolution for TikTok/ByteDance’s U.S. operations could be discussed, and indicated he might extend his trip to meet North Korea’s Kim Jong Un. U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent said details will be finalized and sent for domestic approval, and the prospect of a deal lifted markets with U.S. stocks rallying and Japan’s Nikkei topping 50,000.