US Treasury Secretary Announces Breakthrough in US-China Trade Negotiations Ahead of Trump-Xi Summit

Oct 27, 2025 12:43 am CST

US Treasury Secretary Scott Bessent has announced a significant trade agreement with China, averting planned tariff increases in exchange for Beijing delaying rare earth export restrictions. The deal includes substantial agricultural purchases benefiting US farmers and is expected to be formally announced at the upcoming Trump-Xi summit in South Korea.