Senior economic officials from China and the United States have agreed on the framework for a trade agreement that could be reached during a meeting between President Donald Trump and Chinese President Xi Jinping, Reuters reports.

On the sidelines of the ASEAN summit in Kuala Lumpur, US Treasury Secretary Scott Bessent and US Trade Representative Jamison Greer met with Chinese Vice Premier He Lifeng and Chief Trade Negotiator and Vice Minister of Commerce Li Chenggang.

According to the Chinese side, the United States and China have reached a preliminary consensus, and the relevant internal approval procedures will then take place.

The US position was firm. We held very intensive consultations and constructive exchanges of views, exploring solutions and agreements on these issues," Li Chenggang said.

Lee called the negotiations frank, and Bessent called them very substantive. The US Secretary of State also told NBC that he believes the agreement will delay China's expansion of export controls on rare earth metals and magnets. The deal will also avoid new 100% US tariffs on Chinese goods.

The two leaders are expected to meet in South Korea on October 30. Trump and Xi's talks will focus on China's purchase of American soybeans, Taiwan, and the release of Hong Kong media mogul Jimmy Lai from prison, Reuters reports.

On October 15, Trump declared the United States in a trade war with China, emphasizing that tariffs are a key tool for protecting national security. Earlier, on October 11, the US president promised to impose 100% tariffs on goods from China starting November 1.