Scott Bessent, the U.S. Treasury Minister, said on the 30th (local time) that U.S.-China trade talks, including the issue of China's rare earth export controls, have been concluded and could be signed next week.
Minister Bessent said in a Fox Business interview aired after the U.S.-China summit (on the 30th local time in Busan), "The negotiations in Kuala Lumpur (Malaysia) were wrapped up last night," and "We expect the two sides to exchange signatures as early as next week."
At the high-level U.S.-China trade talks held in Kuala Lumpur on the 25th–26th to prepare for the summit, the United States decided to grant a one-year grace period for measures to block the securing of sensitive technology through subsidiaries of Chinese "blacklist" corporations. China also decided to grant a one-year grace period for strengthened controls on exports of rare earths, equipment, and technology.
Along with this, Minister Bessent explained that China agreed to import 12 million tons of U.S. soybeans during this harvest season through January next year, and to purchase 25 million tons annually for the following three years.
Regarding the sale of the U.S. business rights of the Chinese video platform TikTok, Minister Bessent said, "We finalized the TikTok agreement in that it receives approval from the Chinese government," and projected that "the (sale) process will proceed within a few weeks or a few months."