President Donald Trump made progress toward ending the United States’s trade war with China and inked several other agreements with Asian countries on Sunday.
Trump is set to meet with Chinese President Xi Jinping on Thursday in the likely climax of the trade expedition.
The president felt that a deal was close between the U.S. and China. He said China wants “to make a deal, and we want to make a deal.”
Treasury Secretary Scott Bessent said Sunday morning that both sides had agreed to a “framework” of the deal. China had hoped to dodge new 100% tariffs set to go into effect on Nov. 1.
Bessent thanked Trump for the negotiating leverage the tariffs granted him.
“President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs, and I believe we’ve reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese,” Bessent told NBC.
Chinese trade negotiator Li Chenggang told reporters the sides had reached a “preliminary consensus.”
Further progress could be made at Trump’s meeting with Xi in South Korea on Thursday. Trump said he hopes to visit China and wants Xi to visit Washington or his Mar-a-Lago home.
The new Chinese tariffs had come in response to limitations on rare earth minerals imposed by the country.
The U.S. also made trade deals with several other nations at the Association of Southeast Asian Nations in Kuala Lumpur. New deals included agreements with Thailand, Cambodia, and Malaysia.
Trump attended an expanded ceasefire agreement ceremony for Thailand and Cambodia after the pair of countries warred for five days in July, killing dozens of people and displacing hundreds of thousands of civilians.
The president took credit for ending the conflict, as Malaysia, which mediated peace talks, also attended.
“On behalf of the United States, I’m proud to help settle this conflict and forge a future for the region,” Trump said.
Cambodian Prime Minister Hun Manet said it was a “historic day,” while Thai Prime Minister Anutin Charnvirakul said the new agreement creates “the building blocks for a lasting peace.”
The deals signed with the three countries reduce tariffs all around. Trump had threatened to impose tariffs on Thailand and Cambodia if they did not reach a peace deal.
The deals with Malaysia and Thailand included critical minerals toward electronic devices, which works to reduce American reliance on Chinese earth minerals.
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Trump also continued relations with many Asian countries with his appearance at ASEAN. The countries at the summit also included Singapore, Indonesia, and Vietnam, among other members.
The president made a friendship pitch to the countries present. “The United States is with you 100%, and we intend to be a strong partner and friend for many generations to come,” Trump said.
