Khaberni - U.S. Treasury Secretary Scott Bisent indicated on Sunday that a preliminary agreement has been reached with China to delay the restrictions imposed on the exports of rare metals and resume the purchase of American soybeans, which means avoiding a significant increase in tariffs.
President Donald Trump had threatened to impose a 100% tariff increase on November 1st if China imposed restrictions on rare metal exports, but Bisent stated on the program "This Week" on ABC channel, "I think we avoided that."
Regarding export restrictions, Bisent said after talks with Deputy Prime Minister He Living in Kuala Lumpur: "China will postpone their application for a year while they reconsider them."
The Minister's statements came as Trump began an Asian tour in Kuala Lumpur, which he will conclude with a meeting with Chinese President Xi Jinping in South Korea.
Bisent said he expects the leaders to officially announce the agreement during their upcoming summit.
The official added that Beijing also agreed to "significant" purchases from American farmers who are a major source of local political support for Trump and who have been significantly affected by the tariff dispute between the two countries.
China was the largest buyer of soybeans from the United States, but it stopped all its purchases as the trade dispute intensified.
Bisent continued, "I think when the agreement with China is announced, our soybean farmers will feel a significant improvement."
