American and Chinese negotiators have reached a favorable framework for an economic agreement, preparing for the meeting between Trump and Xi Jinping.

The United States and China have made significant progress towards a new economic agreement, with the announcement that negotiators from both countries have established a favorable framework for discussions. These negotiations are essential ahead of the anticipated meeting between American President Donald Trump and Chinese leader Xi Jinping, scheduled to take place in South Korea.

U.S. Treasury Secretary Scott Bessent stated that a significant agreement has been reached, particularly regarding rare minerals and soybeans, which would allow China to avoid additional 100% tariffs on its exports to the U.S. Trump expressed optimism about the possibility of a comprehensive agreement, and Beijing may delay restrictions on the export of rare minerals and will resume soybean purchases from the United States. In exchange, Washington would drop threats of imposing additional tariffs. The discussions will also include Trump's proposed global peace plan.