New York Times:
On Sunday, trade negotiators from China and the United States announced a framework agreement ahead of a leadership summit later this week. These talks in Kuala Lumpur, coinciding with the ASEAN summit and President Trump’s Asia visit, saw “candid and thorough” discussions addressing issues like reciprocal tariffs, rare earth metal controls, and port fees, alongside collaboration against fentanyl trafficking. Though not a finalized deal, both sides signaled progress and the start of domestic approval procedures. China’s new export curbs on rare earths, critical to advanced manufacturing, are central, as Trump threatens tariffs should Beijing proceed. U.S. Treasury Secretary Bessent noted a “successful framework” for leaders to finalize soon.[1]
Los Angeles Times:
After two days of talks in Malaysia, top trade negotiators for the U.S. and China reached a preliminary consensus on key points such as export controls, fentanyl, and shipping levies, setting the stage for presidents Trump and Xi to finalize a sweeping deal. U.S. officials suggested threats of 100% tariffs were now “off the table” and expected China to delay rare earth restrictions while purchasing substantial U.S. soybeans. The tentative truce also covers port fees and advances hope for broader cooperation—including a global peace plan. Both sides emphasized the need for stability and briefings ahead of the leadership summit, with Trump optimistic about a “comprehensive deal”.[2]
Reuters (Greer statement):
Trade discussions between the U.S. and China are moving forward, with expectations for a constructive meeting between Trump and Xi Jinping later in the week. U.S. Trade Representative Greer indicated a broad range of subjects—including rare earth elements and a possible extension of the trade truce—were discussed during sessions in Kuala Lumpur. The leaders’ upcoming summit in South Korea follows Trump’s five-day tour of Asia, focused on easing bilateral tensions and resolving trade disputes.[3]
Bloomberg (Oil market):
Oil prices climbed to their highest levels since June, buoyed by optimism that the U.S. and China are close to a trade agreement that could improve global demand. Brent surpassed $66 per barrel, following a 7.6% weekly gain, as negotiators made headway on contentious points and set the stage for the Trump–Xi summit to address and potentially ease ongoing trade tensions.[4]
Reuters (Global markets):
Asian stocks surged, while the dollar fluctuated, as signs of declining trade friction between the U.S. and China boosted investor confidence. Both countries outlined a framework agreement for their leaders to consider, potentially halting further tariff escalation and Chinese export restrictions on rare earths. The market’s optimism lifted indexes to record highs across Asia and sparked commodity rallies, while attention shifted to upcoming central bank meetings and tech earnings, which may further impact global markets.[5]
- https://www.aljazeera.com/news/2025/10/27/trump-departs-asean-with-lingering-questions-for-southeast-asias-trade
- https://www.cnn.com/politics/live-news/trump-asia-trip-china-10-26-25
- https://www.npr.org/2025/10/26/nx-s1-5586646/us-china-trade-deal-drawing-closer
- https://finance.yahoo.com/news/live/trump-tariffs-live-updates-hopes-rise-for-upcoming-trump-xi-meeting-trump-threatens-additional-tariffs-on-canada-over-reagan-ad-162418991.html
- https://www.bloomberg.com/news/articles/2025-10-26/latest-oil-market-news-and-analysis-for-oct-27
