U.S., China Reach Tentative Framework Averting 100% Tariffs

U.S. and Chinese negotiators reached a tentative trade framework that Treasury Secretary Scott Bessent said would avert a planned 100% U.S. tariff. The framework reportedly includes a one-year delay while China re-examines proposed rare-earth export licensing and a commitment for Beijing to resume substantial purchases of U.S. soybeans. Officials said details on a potential TikTok transfer to U.S. ownership and cooperation on fentanyl were discussed. Chinese negotiators characterized the understandings as a 'preliminary consensus' that requires domestic approvals and finalization. Markets turned risk-positive on the reports, with soy and agricultural futures rising and tech stocks and crypto rallying while safe-haven assets eased. The framework is expected to be presented for leaders' review when Presidents Trump and Xi meet at the APEC summit in South Korea later this week.