• US and China have reached a preliminary framework for a trade agreement ahead of a crucial meeting.
• Trump and Xi are set to discuss tariffs, agricultural purchases, and the TikTok deal this week.
• The negotiations come during Trump's Asia tour, with significant talks occurring in Malaysia.

U.S. Treasury Secretary Scott Bessent announced that U.S. and Chinese officials have agreed on a framework for a trade deal ahead of the anticipated meeting between President Donald Trump and Chinese President Xi Jinping. This agreement follows significant discussions that took place during the recent ASEAN summit in Kuala Lumpur, Malaysia. Bessent stated, "I think we have a very successful framework for the leaders to discuss," indicating optimism for a tangible agreement between the two world leaders as they prepare to meet on October 30 in South Korea, according to Channel News Asia and Al Jazeera.

The discussions have raised expectations that the two sides will reach important agreements regarding tariffs on Chinese goods, which have been a key point of contention in their ongoing trade war. Both nations aim to avert further escalations, especially as Trump has previously threatened to impose a 100 percent tariff on Chinese imports if no resolution is found regarding China’s expanded export controls on rare earth minerals, as noted by Bessent and supporting reports from India Times and South China Morning Post.

In addition to trade tariffs, key topics for the Trump-Xi discussion will include U.S. agricultural purchases, particularly soybeans, and the ongoing TikTok ownership scenario. Bessent revealed that “we reached a final deal on TikTok,” emphasizing the critical nature of this agreement during upcoming negotiations. Previously, the U.S. government expressed concerns over data security related to the app, and the plan involves American investors holding a majority stake in TikTok’s U.S. operations, according to Anadolu Agency and Channel News Asia.

The environment for these negotiations has been complicated by heightened tensions, including recent U.S. sanctions on Chinese firms and China's subsequent export control measures. However, Trump has conveyed a positive outlook, stating his expectation that the upcoming meeting in South Korea will result in significant agreements, suggesting a shared desire to ease tensions and promote trade stability, as echoed in statements from Al Jazeera and South China Morning Post.