SEOUL — The United States and China have agreed on the framework of a potential trade deal that will be finalized when President Donald Trump meets Chinese leader Xi Jinping later this week in South Korea, US Trade Secretary Scott Bessent said Sunday.

Bessent told CBS that the framework includes a “final deal” on the U.S. operations of TikTok, as well as a one-year deferral of China’s tightened export controls on rare earth minerals, key materials used in advanced manufacturing.

He added that the threatened 100% tariffs on Chinese goods “will be averted,” describing the outcome as a “substantial framework for the two leaders.”

The development comes as both nations seek to defuse a prolonged trade war between the world’s two largest economies.

Bessent’s remarks followed his meeting with senior Chinese trade officials on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit in Kuala Lumpur, which Trump is attending as part of his Asia tour. Beijing described the discussions as “constructive.”

Since returning to the White House, Trump has imposed and threatened sweeping tariffs on foreign imports, with the steepest levies directed at China.

He has argued that such measures are necessary to protect U.S. manufacturing and jobs.

In retaliation, Beijing introduced its own countermeasures but later agreed to suspend them while pursuing negotiations.

Bessent confirmed that China will delay its new rare earth export restrictions for a year “while they re-examine it.”

He also hinted that Beijing will resume large-scale purchases of U.S. soybeans, a key export hit hard during the trade standoff.

“I’m actually a soybean farmer, so I have felt this pain too,” he said.

“I believe when the announcement of the deal with China is made public, our soybean farmers will feel really good about what’s going on for this season and the coming seasons.”

Bessent also revealed progress on the long-disputed issue of TikTok’s U.S. operations, which Washington has sought to separate from Chinese parent company ByteDance over national security concerns.

“Trump and Xi will consummate that transaction on Thursday,” he said, confirming that an agreement is in place.

The Trump administration had previously ordered TikTok to divest its U.S. assets or face a ban but has repeatedly extended the deadline — now set for December — to allow negotiations to continue. — BBC