China is considering postponing the implementation of restrictions on the export of rare earths and resuming soybean purchases from the United States, announced US Treasury Secretary Scott Bessent on Sunday, thus avoiding a massive increase in American tariffs, a sign of relaxation between the two major world powers.
American President Donald Trump has threatened to impose additional tariffs of 100% on Chinese products starting from November 1 if China strengthens its controls on exports of rare earths and the technologies necessary for their refinement.
"I think we have avoided that," Scott Bessent told ABNC News, according to AFP.
"China will postpone this for a year while reassessing the situation," he added.
Beijing has also agreed to "substantial agricultural purchases from American farmers" in negotiations with Vice Premier He Lifeng in Kuala Lumpur on the sidelines of a summit of the Association of Southeast Asian Nations (ASEAN).
"I believe that when the agreement with China is made public, our soybean growers will be very pleased, both for this season and for the future, for several years," assured Scott Bessent.
Donald Trump is set to meet with his Chinese counterpart Xi Jinping on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.
"I truly believe we have very good chances of reaching a global agreement," the White House resident stated on Saturday aboard Air Force One.