by Xinghui Kok

KUALA LUMPUR (Reuters) – U.S. President Donald Trump expressed confidence in reaching a deal with his Chinese counterpart Xi Jinping, whom he is expected to meet next week, after senior officials from the two countries reached a preliminary consensus on trade talks.

US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit for a fifth round of in-person talks since May.

“I think we have a very good framework that the leaders can discuss on Thursday,” Scott Bessent said.

The deal could fend off China’s expanded export controls on rare earths and magnets and avert the U.S. threat of new 100 percent tariffs on Chinese goods, Scott Bessent said on NBC’s “Meet the Press.”

U.S. and Chinese leaders will discuss purchasing soybeans and agricultural products from U.S. farmers, more balanced trade and resolving the U.S. fentanyl crisis, which is behind the 20 percent U.S. tariffs on Chinese goods, Bessent said.

Donald Trump arrived in Malaysia on Sunday to participate in the ASEAN summit, the first leg of a five-day Asian tour which should end with a face-to-face meeting with Xi Jinping in South Korea on October 30.

Li Chenggang said the two sides had reached a “preliminary consensus” and would then go through their respective internal approval processes.

“The U.S. stance has been tough,” China’s top trade negotiator said. “We have conducted very intense consultations and constructive exchanges to explore solutions and arrangements to address these concerns.”

(Xinghui Kok report, written by Mei Mei Chu, Yukun Zhang and John Mair; Kate Entringer)

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