Bessent says "framework" deal with China will avoid 100% tariff increase

The U.S. has worked out a "framework" trade deal with China that will avoid a threatened additional 100% in tariffs, Treasury Secretary Scott Bessent said Sunday.Why it matters: The news will come as a huge relief to financial markets, which feared an escalation of the trade war, and to businesses, which worried about an unimaginable surge in their costs. Catch up quick: The recent re-escalation of the trade conflict with China had tariffs poised to rise to 155% as of Nov. 1.President Trump himself conceded such a tariff on the world's second-largest economy was not sustainable. Trump and Chinese leader Xi Jinping are on track to meet in the coming days, a conversation expected to touch on rare earth minerals, soybeans, technology exports and more.What they're saying: "President Trump gave me a great deal of negotiating leverage with the threat of the 100% tariffs on November 1. And I believe we've reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese," Bessent told NBC's "Meet the Press" anchor Kristen Welker on Sunday.Editor's note: This is a breaking news story and will be updated with additional information.

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