the US trade secretary has said. Scott Bessent told the BBC's US news partner CBS that this included a "final deal" on TikTok's US operations and a deferral on China's tightened rare earth minerals controls. He also said he did not anticipate the 100% tariff on Chinese goods threatened by US President Donald Trump coming into force, while China will resume substantial soybean purchases from the US. Both nations are seeking to avoid further escalation in a trade war between the world's two largest economies.

Trump and Chinese President Xi Jinping are due to hold talks on Thursday in South Korea. Bessent met senior Chinese trade officials on the sidelines of the Association of Southeast Asian Nations (Asean) summit in Malaysia, which Trump is also attending as part of a tour of Asia. Beijing said they had "constructive" discussions. Bessent said the countries had "reached a substantial framework for the two leaders", adding: "The tariffs will be averted."

Since Trump re-entered the White House, he has imposed and threatened sweeping tariffs on imports from overseas. But the steepest levies he has threatened have been levelled at China, arguing that the policy would help boost US manufacturing and jobs. Beijing has hit back with measures of its own, though the two agreed to hold off implementing the levies while pursuing a trade deal. However, Trump threatened new 100% tariffs on Chinese goods from November if China does not roll back its tightened restrictions on export of rare earths - materials essential to the production of many electronics.

China processes around 90% of the world's rare earths, which go into everything from solar panels to smartphones, making supply of them to US manufacturers a key bargaining chip.China will "delay that for a year while they re-examine it", Bessent told CBS's This Week. (BBC)