US and China tee up sweeping trade deal ahead of Trump–Xi meeting

FXStreetOct 27, 2025 12:25 AM

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Top Chinese and US economic officials on Sunday have agreed on the framework of a potential trade deal that will be discussed when US President Donald Trump and Chinese President Xi Jinping meet later this week, CNBC reported on Sunday.

US Treasury Secretary Scott Bessent said that discussion on the sidelines of the ASEAN Summit in Kuala Lumpur had eliminated the threat of Trump’s 100% tariffs on Chinese imports starting November 1. Bessent added that he expects China to delay implementation of its rare earth minerals and magnets licensing regime by a year while the policy is reconsidered.

Market reaction

At the time of writing, the AUD/USD is trading 0.37% higher on the day to trade at 0.6537.

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