TACO: Bessent says USA, China likely to avoid new 100% tariff

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President Donald Trump and Chinese President Xi Jinping are expected to reach a deal to avert a new 100% U.S. tariff on Chinese goods and are likely to meet in person soon, Treasury Secretary Scott Bessent said following talks with Beijing’s top trade negotiator.

Bessent told NBC News’ “Meet the Press” moderator Kristen Welker in an interview Sunday that China was ready to make a deal “after two days of negotiations.”

A “framework” is ready for a meeting this week between Trump and Xi that is intended to avoid the harsher tariffs threatened by Trump starting Nov. 1 should Beijing move forward with plans to put restrictions on rare earth minerals, he said.

“I’m also anticipating that we will get some kind of a deferral on the rare earth export controls that the Chinese had discussed,” Bessent said.

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The framework outlined by Bessent centers on averting 100% tariffs, resuming substantial US soybean exports to China, and delaying Beijing’s rare earth export controls for review. It does not reference semiconductors or NVIDIA chips. US restrictions on advanced chip exports to China persist independently of this trade outline.