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US China trade deal ‘drawing closer’ ahead of Trump meeting with Xi Jinping

President Donald Trump speaks to members of the media aboard Air Force One on October 24, 2025, in flight
President Donald Trump speaks to members of the media aboard Air Force One on October 24, 2025, in flight (Getty Images)
  • A trade deal between the United States and China is nearing completion, with officials from both nations reaching an initial consensus for President Trump and Chinese leader Xi Jinping to finalise.
  • China's top trade negotiator, Li Chenggang, confirmed a 'preliminary consensus', while Mr Trump's treasury secretary, Scott Bessent, described a 'very successful framework'.
  • Mr Bessent stated that the threat of additional higher tariffs on China was 'effectively off the table', following discussions.
  • Initial agreements include China stopping the export of fentanyl precursor chemicals to the US and making substantial purchases of agricultural products, while also putting off export controls on rare earths.
  • The progress was made during the annual ASEAN summit in Kuala Lumpur, ahead of a planned meeting between Mr Trump and Mr Xi in South Korea.
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