By Admin 
Major progress has been made towards stopping the trade war between America and China. US Finance Minister Scott Besant said on Sunday that an ‘important framework agreement’ has been reached between the two countries, due to which America’s plan to impose 100% tariff on Chinese goods may be postponed. Also, China can also postpone export controls on rare earths for some time. This agreement has been reached before the meeting next week between US President Donald Trump and Chinese President Xi Jinping.
No need for 100% tariffs!
US Finance Minister Besant said in NBC’s program Meet the Press, ‘I do not think we will have to impose 100% tariff. Apart from this, I hope that China will also postpone its rare earth export controls for some time. He said that under this framework, issues like balanced trade between the two countries, purchase of American agricultural products and fentanyl crisis will also be discussed.
Final terms will be decided in Trump-Xi meeting
Besant said that the final terms of the agreement will be decided by President Trump and Xi Jinping. The meeting of the two leaders is proposed in South Korea next week. The US had earlier warned that if China continued to control rare earth magnets and minerals, new three-digit tariffs would be imposed from November 1.
Important discussions took place during the ASEAN Summit
This conversation took place during the ongoing ASEAN Summit in Kuala Lumpur. This included China’s Vice Premier He Leifeng, top trade negotiator Li Chenggang, US Treasury Secretary Scott Besant and US Trade Representative Jamieson Greer. Li Chenggang said that both sides have reached preliminary agreement on issues like trade truce, fentanyl and export control.
‘There is a positive atmosphere among us now’
Besant told reporters, ‘I think we have a very strong framework ready for Thursday’s meeting between the leaders.’ At the same time, Trump said, ‘I am confident that we will reach an agreement with China. The talks are going in a positive direction.
Big step towards reducing trade war
This agreement is being considered a big step towards reducing the ongoing trade war between America and China. In the last few months, both the countries have faced tensions due to tariffs, export controls and retaliatory sanctions. It is now expected that after the Trump-Xi meeting, some positive announcements may also be made on issues like soybean trade, Taiwan issue, and the release of Hong Kong media businessman Jimmy Lai.