On Sunday, U.S. Treasury Secretary Scott Bessent announced that the United States and China have developed a “substantial framework” for a trade deal. This agreement aims to avert the looming threat of 100 percent tariffs on Chinese imports.

Earlier in the month, President Trump had warned of imposing hefty tariffs starting November 1st, in response to China’s increased control over rare earth minerals. However, during an appearance on NBC’s “Meet the Press,” Bessent expressed optimism that such drastic measures are no longer likely.

“President Trump’s threat of the 100 percent tariffs on November 1st provided significant leverage in our negotiations,” Bessent stated. “I am confident that we have achieved a substantial framework that will prevent the implementation of these tariffs and open the door to further discussions with China.”