The US and China have agreed on a trade deal framework ahead of this week’s meeting between President Donald Trump and Chinese leader Xi Jinping, Treasury Secretary Scott Bessent told NBC. The agreement includes plans to halt a proposed 100% tariff on Chinese goods starting November 1, he added.

Bessent said that during negotiations with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang, at the ASEAN Summit in Malaysia, an agreement was reached where Beijing would postpone its export restrictions on rare earth minerals for one year while talks continue.

The deal also finalizes the sale of TikTok’s US operations and the resumption of Chinese purchases of US soybeans, suspended since September amid the tariff dispute, according to the US Treasury chief.

Addressing reporters at the Malaysia meet, Li confirmed that the US and China have reached a “preliminary consensus” after “intense” negotiations and that internal approval is now required.

The framework agreement comes as the White House has confirmed the Trump-Xi meeting for October 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea. The meeting will be their first since 2019.

Trump has said he hopes to reach agreements with Xi on issues ranging from trade to nuclear power and added that he plans to address China’s purchases of Russian oil.

Beijing has stated that it has a legitimate right to maintain normal economic, trade, and energy cooperation with all countries, including Russia, calling Washington’s pressure to halt Russian oil imports a “typical move of unilateralism, bullying, and economic coercion.”

Russia has become one of the largest suppliers of oil to both China and India since 2022. Russian President Vladimir Putin has cautioned Western nations against adopting a “colonial tone” toward Beijing and New Delhi, arguing that such actions are aimed at curbing their economic growth.

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