US Treasury chief Bessent says 'substantial' trade framework with China reached

Secretary Scott Bessent said the negotiations alleviate the need for the 100% additional tariffs announced by US president Trump in October.

United States Treasury secretary Scott Bessent said on Sunday that the US and China have made “substantial” progress on a trade deal framework, sparking investor hopes of reigniting the bull market.

The proposed trade framework will likely remove the need for the 100% additional tariffs announced by US President Donald Trump on October 10, Bessent said. He added:

Bessent’s comments follow weeks of easing trade tensions between the two countries, culminating in president Trump confirming the meeting with China’s President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit on October 31.

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