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 Bessentannounced on Thursday.
In an interview with Fox Business, Bessent said thepact—known as the Kuala Lumpur Agreement—was completed on October 29 andincludes 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 endorsedduring President Donald Trump’s meeting with Chinese President Xi Jinping inBusan, South Korea, the agreement aims to boost investment and easelong-standing trade tensions.
The United States had agreed to cut tariffs on Chineseimports after talks between Trump and Xi Jinping. Tariffs will drop to 47% from57%, including lower duties on fentanyl-related chemicals, while China pledgedto curb fentanyl flows, resume US soybean purchases, and maintain rare earthexports.
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