00:00Top Chinese and U.S. economic officials agreed on the framework for a trade agreement on Sunday,
00:06October 26, as U.S. President Donald Trump said he was confident of hashing out a deal with
00:12Chinese President Xi Jinping when they meet in the coming days. U.S. Treasury Secretary Scott
00:17Besant and Trade Representative Jameson Gere met with Chinese Vice Premier He Liefeng and top
00:23trade negotiator Li Chenggang on the sidelines of the ASEAN Summit in Kuala Lumpur for a fifth
00:28round-off in-person discussions since May. So this was the fifth meeting that I've had with my
00:35Chinese counterpart, the Vice Premier He Liefeng, and we covered a wide range of issues and I think
00:41we've reached a substantial framework for the two leaders who will meet in Korea next Thursday.
00:47So, you know, on the table, the President had given me maximum leverage when he threatened
00:54100% tariffs if the Chinese imposed their rare earth global export controls. So I think we have
01:02averted that so that the tariffs will be averted. And we have a regular meeting, regular quarterly
01:10meeting with the Chinese. It was scheduled for November 10th or before November 10th. I don't
01:18think we will have to have that. So we have been rolling the tariffs quarterly. So we agreed on
01:24that. We also agreed on substantial agriculture purchases for U.S. farmers. We agreed that the
01:31Chinese would begin to help us with the precursor chemicals for this terrible fentanyl epidemic that's
01:40ravaging our country. So I would say that it was a very good meeting overall.
01:44Besant said China will delay its expanded licensing regime for rare earths by a year and re-examine
01:51it after two days of trade talks in Malaysia. Trump arrived in Malaysia on Sunday for a summit of the
01:57Association of Southeast Asian Nations, his first stop in a five-day Asia tour that is expected to
02:03culminate in a face-to-face with Xi in South Korea on October 30th. After the talks, he struck a positive
02:10tone saying they think they are going to have a deal with China. Both sides are looking to avert an
02:16escalation of their trade war after Trump threatened new 100% tariffs on Chinese goods and other trade
02:22curbs starting on November 1st in retaliation for China's expanded export controls on rare earth
02:28magnets and minerals.
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