U.S. Treasury Secretary Scott Bessent said on Sunday he has reached a "very substantial framework" with Chinese Vice Premier He Lifeng that will avoid 100% U.S. tariffs on Chinese goods and achieve a deferral of China's rare earths export controls.

The swing through Malaysia, Japan and South Korea is expected to test President Trump’s skills as a statesman and negotiator.

China has reported that its economy expanded at the slowest annual pace in a year in July-September, growing 4.8%, weighed down by trade tensions with the United States and slack domestic demand.

BANGKOK (AP) — China did not back down Monday in a back-and-forth with the U.S. over trade, calling for U.S. President Donald Trump to withdraw his latest threat of a 100% tariff and other export control measures announced over the weekend.

The United States and China reached a preliminary consensus on fentanyl and ship levies after two days of wide-ranging discussions, a Chinese official said, in tentative signs of easing tensions between the world’s two largest economies.

U .S. soybean farmers headed into harvest season facing a problem possibly more daunting than a drought or a tornado. China, the top global buyer of soybeans, has moved away from American beans in the heart of the selling season.

"Yet Xi’s latest trade war tactic may be tipping the geostrategic balance back toward the US as companies around the world think better of doing business in China generally."

Tensions between the U.S. and China escalated in the weeks leading up to a possible meeting between U.S. President Donald Trump and Chinese President Xi Jinping.