US and China reach 'substantial framework' in Kuala Lumpur talks; 100% tariffs averted, rare-earth controls deferred a year
What happened
U.S. Treasury Secretary Scott Bessent said Sunday that Washington and Beijing reached a 'very substantial framework' in high-level talks in Kuala Lumpur that averts the threatened 100% additional U.S. tariffs on Chinese goods. Bessent said he expects China to delay implementation of its rare-earth minerals and magnets export-control licensing regime by a year while the policy is reconsidered, and that the tariff truce expiring November 10 will be extended pending the president's decision. China is also expected to revive substantial purchases of U.S. soybeans after buying none in September, and the framework covers more balanced trade, fentanyl, and export controls. Bessent told NBC's 'Meet the Press': 'No, I'm not [anticipating the 100% tariffs], and I'm also anticipating that we will get some kind of a deferral on the rare earth export controls.'
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Broad U.S. equities (tariff relief removes a major overhang); rare-earth-dependent manufacturers and chip/AI hardware names (supply-chain uncertainty eased)
- U.S. soybean/agriculture exporters (renewed Chinese purchases)
- China-exposed multinationals and industrials