Besant: US-China Trade Deal Could Be Signed Next Week... TikTok Sale Agreement Also Finalized

U.S. Treasury Secretary Scott Besant announced that trade negotiations between the United States and China, including the issue of China's rare earth export controls, have been concluded and that a signing could take place next week.

In a Fox Business interview aired on the 30th following the U.S.-China summit, Secretary Besant stated, "The negotiations in Kuala Lumpur (Malaysia) were finalized last night," adding, "We expect both sides to exchange signatures as early as next week."

Previously, during the high-level U.S.-China trade talks held in Kuala Lumpur on October 25-26 in preparation for the summit, the United States agreed to grant a one-year grace period for measures blocking sensitive technology acquisition by Chinese companies on the blacklist through their subsidiaries. China also decided to delay for one year the implementation of strengthened export controls on rare earths, equipment, and technology.

Additionally, Secretary Besant said that China agreed to import 12 million tons of U.S. soybeans during the current harvest season, which runs through January next year, and to purchase 25 million tons annually for the following three years.

Regarding the sale of TikTok's U.S. operations by the Chinese video platform, he said, "We have finalized the TikTok agreement, as it is subject to approval by the Chinese government," adding, "The (sale) process will proceed within the next few weeks or months."