The United States and China dramatically patched up their conflict ahead of a summit to be held on the 30th in Busan, after producing a broad agreement at the fifth high-level trade talks held in Malaysia on the 25th–26th. China's state media said, "The world expects to hear more good news from China and the United States," signaling hopes for a leaders' agreement that goes beyond the trade deal.
According to Xinhua News Agency and Bloomberg News on the 27th, Treasury Secretary Scott Bessent, who led the U.S. trade delegation, said in an interview with U.S. media the previous day that China would purchase a "considerable amount" of U.S. soybeans and that China's export controls on rare earths would be deferred for one year. He added that the United States was also expected not to impose the "100% additional tariff" it had signaled on China. On the issue of acquiring the U.S. business rights of the Chinese video platform TikTok, he said, "All the details have been coordinated. The agreement will be finalized by the two leaders in Korea."
Li Chenggang, China's Ministry of Commerce representative for international trade negotiations and vice minister, also said at a press briefing immediately after the conclusion of the talks that the two sides exchanged views on agendas including ▲ the U.S. Section 301 measures against China's shipping, logistics, and shipbuilding industries ▲ an additional extension of the U.S. deferral of the reciprocal tariff on China ▲ the fentanyl tariff and cooperation on combating drugs ▲ trade expansion ▲ export controls, adding that "an initial consensus was formed on some measures."
China's export controls on rare earths and the United States' additional tariff on China had been the biggest sticking points in the U.S.-China trade negotiations, but the two sides appeared to share the goal of avoiding further escalation by each stepping back and agreeing to halt retaliatory measures.
The state-run Global Times in China published an editorial that highly evaluated the results of the trade talks and expressed expectations for the U.S.-China summit. The editorial said, "After experiencing fluctuations and turbulence over the past month, the economic and trade relationship between China and the United States has once again delivered good news, bringing relief to the world," adding, "As long as we return to the path of proper mutual engagement, there is a possibility of turning the vision of shared prosperity into reality."
It continued that the U.S. negotiating posture "felt more intuitively to be constantly approaching the principles of mutual respect, peaceful coexistence, and win-win cooperation," and added, "We further hope the United States will put this into action."
The editorial again stressed that U.S.-China cooperation would lead directly to global stability. It said, "As the world's No. 1 and No. 2 economies, the two countries bear a unique responsibility for world peace and stability, and for prosperity and development. In the new global landscape, the shared interests of China and the United States have not decreased but rather increased, and the strategic value of bilateral cooperation has risen," adding, "The U.S. side previously stated that 'bilateral cooperation can accomplish many major tasks beneficial to world peace and stability,' which is also the common expectation of the international community."
It added, "Let us jointly implement the results of the agreement well, build mutual trust, and push the bilateral economic and trade relationship to continuously move to a higher level," and "The world expects to hear more good news from China and the United States."
Meanwhile, U.S. President Donald Trump and Chinese President Xi Jinping will each make state visits to Korea on the 29th and 30th on the occasion of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju. The two leaders are expected to meet on the 30th in the protocol lounge within the Air Force base at Gimhae International Airport in Busan before heading to Gyeongju. The framework of the agreement reached by the two countries is expected to receive final approval at the summit that day.
In this regard, President Trump said aboard the presidential plane en route to Malaysia that he hoped to reach a "complete agreement" at the summit with President Xi, adding that "there is a very high likelihood of reaching a truly comprehensive agreement."