According to him, the agreement is expected to include a final decision regarding the American part of the TikTok network, as well as a delay in tightening controls over the export of rare earth metals from China.
Previously, President Donald Trump threatened to impose 100% tariffs on imports from China; however, as Bessent noted, this tariff is unlikely to be applied. Additionally, China is expected to resume significant purchases of soybeans from the U.S.
The leaders of the two countries, Donald Trump and Xi Jinping, will meet on Thursday in South Korea. As part of the ASEAN summit in Malaysia, Scott Bessent held talks with the Chinese delegation, which also includes Trump.
