US, China to sign trade deal next week

Shafaq News – Washington / Beijing

The United States and China have finalized a new trade deal, with the signing expected early next week, US Treasury Secretary Scott Bessent announced on Thursday.

In an interview with Fox Business, Bessent said the pact—known as the Kuala Lumpur Agreement—was completed on October 29 and includes large-scale Chinese purchases of American agricultural products, marking the first public disclosure of the deal’s scope.

Reached after two days of talks in Malaysia and endorsed during President Donald Trump’s meeting with Chinese President Xi Jinping in Busan, South Korea, the agreement aims to boost investment and ease long-standing trade tensions.

The United States had agreed to cut tariffs on Chinese imports after talks between Trump and Xi Jinping. Tariffs will drop to 47% from 57%, including lower duties on fentanyl-related chemicals, while China pledged to curb fentanyl flows, resume US soybean purchases, and maintain rare earth exports.