Kuala Lumpur: Top Chinese and US economic officials on Sunday reached a broad framework for a trade deal that could be finalised by Presidents Donald Trump and Xi Jinping, marking a potential pause in months of escalating tensions between the world’s two largest economies.

According to US officials, the agreement—hammered out on the sidelines of the ASEAN Summit in Kuala Lumpur—would halt steeper American tariffs and suspend China’s planned export controls on rare earth elements. In return, Beijing would resume large-scale purchases of US soybeans, a key demand from Washington.

US Treasury Secretary Scott Bessent said the negotiations had “successfully eliminated the immediate threat” of President Trump’s proposed 100% tariffs on Chinese imports, which were scheduled to take effect on November 1.

Analysts say the provisional deal could ease global market jitters and signal a temporary thaw in the strained US-China economic relationship, though key details—including enforcement mechanisms and timelines—remain to be finalised.