Treasury Secretary Scott Bessent signaled on Sunday that the U.S. and China will significantly de-escalate their trade war under a framework he negotiated.<\/p>\n
In an interview on CBS News\u2019 Face the Nation with Margaret Brennan<\/a>, Bessent said an additional 100% tariff that President Donald Trump threatened earlier this month is \u201ceffectively off the table,\u201d along with China\u2019s rare earth restrictions.<\/p>\n \u201cSo I would expect that the threat of the 100% has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime,\u201d he said.<\/p>\n Trump and Chinese President Xi Jinping are scheduled to meet Thursday on the sidelines of a regional economic conference in South Korea, where they will determine the final details of a deal.<\/p>\n Bessent said Trump\u2019s 100% tariff threat, which would have boosted the overall rate above 150%, created significant leverage during the talks in Malaysia with Vice Premier He Lifeng over the weekend.<\/p>\n The two sides also discussed American agricultural exports to China and Beijing\u2019s role in helping curb the fentanyl trade.<\/p>\n Farmers have been warning of an economic crisis in rural America<\/a> as crop prices fall and costs remain high, while China has held off on buying any U.S. soybeans this harvest season, despite traditionally being their top export market.<\/p>\n Bessent declined to give specific details but said soybean farmers will be \u201cextremely happy with this deal for this year and for the coming years.\u201d<\/p>\n