President Donald Trump and Chinese President Xi Jinping are expected to finalize a deal to prevent the imposition of a 100% U.S. tariff on Chinese goods, following productive negotiations between U.S. Treasury Secretary Scott Bessent and China’s top trade officials. Bessent announced that a framework for a meeting between the two leaders is in place, aimed at averting the tariffs set to begin November 1, especially if China proceeds with restrictions on rare earth mineral exports. These minerals, vital to electronics and defense technologies, have become a flashpoint in the trade tensions. Bessent emphasized that the threat of tariffs gave the U.S. significant leverage, and he anticipates a deferral on China’s proposed export controls. The potential agreement signals a turning point in U.S.-China trade relations, which have been strained by tariff threats and geopolitical friction. Trump, currently on a five-day Asia tour, is expected to meet Xi in South Korea later this week, with additional meetings planned in Beijing and Washington in the coming months. Key topics for discussion include China’s role in the global fentanyl crisis and increased agricultural purchases to support American farmers. Chinese officials confirmed a preliminary consensus on extending the trade truce and addressing fentanyl and export controls. Trump expressed optimism about reaching a deal, underscoring the importance of continued dialogue and cooperation between the two nations.