US, China Reach Basic Trade Framework Consensus

President Trump and Chinese leader Xi Jinping met on the sidelines of the APEC summit in South Korea, where negotiators said they had reached a basic consensus on a trade framework. Under the proposed truce, China would pause or delay rare‑earth export licensing, resume large U.S. soybean purchases and roll back or reduce tariffs while putting on hold a previously threatened 100% tariff increase; the U.S. would consider easing some restrictions in return. Washington is pressing Beijing to curb exports of precursor chemicals tied to fentanyl production, with Trump indicating tariff reductions could be offered in exchange for Chinese cooperation. Reports also said the deal could include approvals related to TikTok’s U.S. operations and certain chip exports as commercial carve‑outs. Officials portrayed the outcome as a milestone that would ease months of tit‑for‑tat measures and market volatility, though analysts cautioned deep mistrust and structural rivalry could make any agreement limited and fragile.