The United States and China have outlined a preliminary framework that would avert President Donald Trump’s threatened 100% tariff increase on Chinese imports ahead of its planned early-November start, Treasury Secretary Scott Bessent said Sunday.

After two days of talks, Bessent told NBC that Beijing is prepared to move toward a deal, with an anticipated deferral of recently announced rare-earth export controls that Washington views as a supply-chain risk. Trump and Chinese President Xi Jinping are expected to review the framework when they meet in South Korea this week, with discussions covering fentanyl precursor chemicals and expanded U.S. farm purchases.

A follow-on leader-level visit to Beijing is anticipated in early 2026. Bessent said that he does not anticipate the 100% tariffs and added that rare-earth controls could be paused while broader cooperation is negotiated.