US China Tentatively Agree to Avert 100% Tariffs in Trade Framework

The United States and China have reached a preliminary framework deal aimed at avoiding the imposition of new 100% tariffs on Chinese goods, which President Donald Trump had threatened. Treasury Secretary Scott Bessent confirmed that the agreement includes a suspension of China's tightened rare earth mineral export restrictions for a year, a critical point since China controls about 90% of global rare earth processing. The deal also involves the transfer of control of TikTok's U.S. operations to American investors and a commitment from China to resume large-scale soybean purchases from the U.S., offering relief to American farmers. Additionally, China has agreed to assist the U.S. in curbing fentanyl precursor chemical flows, addressing one of the key concerns raised by President Trump. The framework deal is expected to be formally unveiled during President Trump's meeting with Chinese President Xi Jinping in South Korea, marking a potential turning point in U.S.-China economic relations. The Supreme Court is also set to weigh in soon on the legality of Trump's trade policies amid ongoing tensions.