U.S. Treasury Secretary 'U.S.-China trade talks concluded... signing possible next week'

U.S. Treasury Secretary Scott Bessent said on the 30th (local time) that the U.S.-China trade talks, which included the issue of China's export controls on rare earths, have been concluded and that signing could be possible next week.

Secretary Bessent said in an interview with Fox Business after the U.S.-China leaders' summit, "The negotiations in (Malaysia) Kuala Lumpur were concluded last night," and "I expect the two sides will exchange signatures as early as next week."

The U.S.-China high-level trade talks were held in Kuala Lumpur on the 25th–26th as part of preparations for the leaders' summit. At the talks, the U.S. agreed to defer for one year measures that block the acquisition of sensitive technologies through subsidiaries of Chinese companies on the blacklist, and China also agreed to defer for one year the strengthening of export controls on rare earths, equipment, and technology.

In the interview, Secretary Bessent explained that China agreed to import 12 million tons of U.S. soybeans by January next year, and thereafter to purchase 25 million tons each year for three years. On the sale of TikTok's U.S. operations, he said, "The TikTok negotiation is concluded in the sense that it will receive approval from the Chinese government," and "the (sale) process will proceed within weeks or months."