Tariffs, a "preliminary" US-China agreement. Bessent: "The context is positive."

MILAN – The US-China situation has cleared up. The two countries have reportedly reached a "preliminary consensus" on tariffs in Malaysia, according to a top Chinese negotiator in Kuala Lumpur ahead of talks between US President Donald Trump and his Chinese counterpart, Xi Jinping. "China and the United States have constructively explored appropriate solutions to the issues of concern to both sides and reached a preliminary consensus," Li Chenggang, China's representative for international trade and vice minister of commerce, told reporters after two days of bilateral discussions in the Malaysian capital.

Shortly before, US Treasury Secretary Scott Bessent also expressed positive comments. "I would describe (this discussion) as constructive, rich, and insightful. It provides us with an opportunity to move forward and prepare for the leaders' meeting in a very positive context," Bessent told reporters in Kuala Lumpur, emphasizing, however, that the final decision on whether or not to extend the trade truce between Washington and Beijing rests with "President Trump," who will meet with President Xi Jinping in South Korea on Thursday.