Image Credit: ANDREW CABALLERO-REYNOLDS / Contributor / Getty Images 
A trade deal with China is very likely according to President Trump, who is touring Asia next week and is expected to meet with Chinese premier Xi Jinping in South Korea.
U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer met with Chinese high-ranking Chinese officials on the sidelines of the ASEAN summit in Kuala Lumpur for a fifth round of in-person discussions since May.
“I think we have a very successful framework for the leaders to discuss on Thursday,” Bessent told reporters.
Bessent said there had been discussions about trade, rare-earth minerals, fentanyl, TikTok and other important subjects.
President Trump arrived in Malaysia on Sunday for the ASEAN Summit.
His visit will last five days and is expected to culminate with a meeting with Xi Jinping in South Korea.
“I think we’re going to have a deal with China,” the President said.
He also hinted at possible meetings with Xi in China and the United States.
“We’ve agreed to meet. We’re going to meet them later in China, and we’re going to meet in the US, in either Washington or at Mar-a-Lago.”
The US and China are seeking to prevent an escalation of their ongoing trade war, which has seen reciprocal tariffs imposed and new restrictions on key resources and technology, including AI chips and rare-earth minerals that are crucial for high-tech manufacturing.
President Trump has threatened new 100% tariffs on Chinese goods and other sanctions, beginning 1 November, in response to Chinese export controls on rare-earth minerals and magnets.
The negotiated truce between the US and China, under which triple-digit tariffs were rolled back, will expire on 10 November. Secretary Bessent has said it could be extended for the second time since it was signed in May.
As well as trade issues between the US and China, President Trump is expected to discuss Taiwan, the arrest of Hong Kong media tycoon Jimmy Lai and Chinese purchases of Russian oil.
