Progress in US-China Trade Talks Ahead of Crucial Meeting

Recent developments indicate a significant advancement in trade negotiations between the United States and China. Treasury Secretary Scott Bessent announced that a "substantial framework" for talks has been established just ahead of a crucial meeting between President Donald Trump and Chinese President Xi Jinping, scheduled for Thursday. This progress could lead to the suspension of proposed tariffs on Chinese imports. During a conversation on ABC News' "This Week," Bessent noted, "I think we've reached a substantial framework for the two leaders who will meet in Korea next Thursday." This statement suggests a hopeful outlook following Trump's earlier threats of imposing 100% tariffs if China proceeded with its planned export controls on critical rare earth materials. Bessent expressed optimism that the impending tariffs could be avoided if the ongoing negotiations prove successful. Addressing China's proposal for export controls on rare earth minerals, which are vital for various technologies, Bessent commented, "I believe they are going to delay that for a year while they reexamine it." This delay could provide both countries a window to further negotiate terms beneficial to both sides. Trump arrives in Asia for week of key talks -- including with China's Xi Additionally, Bessent hinted at a possible resolution concerning American soybean sales, which have seen a drastic reduction as China halted imports amid the trade conflict. As outlined by the American Soybean Association, China accounted for over 50% of U.S. soybean exports in 2023 and 2024, making the restoration of trade critical for American farmers. ABC News - PHOTO: US Treasury Secretary Scott Bessent appears on ABC News' 'This Week,' Oct. 26, 2025. Bessent asserted, "I believe, when the announcement of the deal with China is made public, that our soybean farmers will feel very good about what's going on, both for this season and the coming seasons, for several years." This sentiment offers a glimmer of hope for American agricultural producers who have been adversely impacted by the trade dispute. In related discussions, the ongoing U.S. government shutdown—now one of the longest in the nation's history—was also addressed. Bessent was hesitant about the prospect of renewed negotiations with Democratic lawmakers regarding the impasse over government funding. When asked about further discussions with Democrats, Bessent replied, "Well, what good does it do, Martha? They dug in," highlighting the firm stance of Democratic lawmakers pushing for an extension of pandemic-era health care subsidies, which are set to expire soon. He further emphasized, "Fifty-two Republican senators have voted 11 times to reopen the government, three brave moderate Democrats have come across the aisle." Bessent called for moderate Democratic senators to resolve the current situation, indicating that bipartisan efforts might be necessary to address the issues at hand.