Officials from the United States and China said Sunday they are edging closer to a trade agreement, announcing a preliminary consensus that could be finalized when President Donald Trump meets Chinese leader Xi Jinping later this week.
China’s top trade negotiator, Li Chenggang, told reporters the two sides had reached a “preliminary consensus,” while US Treasury Secretary Scott Bessent described talks as yielding “a very successful framework.” Trump also voiced optimism, saying both countries “want to make a deal,” and signaled he plans to visit China in the future, adding that Xi could travel to Washington or Mar-a-Lago.
US Trade Representative Jamieson Greer cautioned that the final outcome “is really going to depend” on the two presidents’ discussions. Trump and Xi are set to meet Thursday in South Korea, the final stop of the US president’s swing through Asia.
Even a limited accord would likely soothe jittery global markets after weeks of escalating tensions. Beijing recently curbed exports of rare earth elements crucial to advanced technologies, prompting Trump to threaten fresh tariffs on Chinese goods. The prospect of an expanded confrontation has fueled fears of slower worldwide growth.
Key structural disputes—such as persistent manufacturing imbalances and access to cutting-edge computer chips—remain unresolved, according to officials, but negotiators say the emerging framework could halt further escalation and establish working groups to keep talks on track.
Markets will be watching for concrete deliverables from Thursday’s session, including clarity on tariff rollbacks, export controls and a timeline for next steps. Trump reiterated his confidence ahead of the meeting: “They want to make a deal and we want to make a deal.”
