U.S. Treasury Secretary Scott Bessent said China will resume large U.S. soybean purchases for several years.
He told Face the Nation that American farmers will benefit this season and in the coming years. Bessent also said both sides reached strong progress during trade talks in Malaysia.
Rare Earth
Bessent confirmed China will delay expanded rare earth export controls by one year. He said the move will help avoid new 100 percent U.S. tariffs on Chinese goods. Both sides want balanced trade and progress on the U.S. fentanyl crisis.
TikTok Ownership Transfer Ready
Bessent stated the TikTok ownership transfer to U.S. control is ready for approval.
He expects President Donald Trump and President Xi Jinping to finalize the deal next week.
Leaders Prepare for High-Level Meeting
Trump arrived in Malaysia for the ASEAN Summit on Sunday. His Asia tour will end with a meeting with Xi in South Korea on October 30. Trump expressed optimism, saying he expects a deal with China soon.
Trade Truce Extension Possible
Both nations want to stop further escalation of the trade war.
The current truce expires on November 10, but Bessent said Trump may extend it.
He said this would mark the second extension since the agreement in May.
Key Agenda Items
Trump plans to push Chinese purchases of U.S. soybeans and agriculture products. He will raise concerns over Taiwan and jailed Hong Kong activist Jimmy Lai.
He will also seek Chinese cooperation on Russia as the Ukraine war continues.
