The U.S. and China announced progress toward a framework trade agreement aimed at easing tensions from their ongoing trade war, ahead of a scheduled meeting between President Donald Trump and Chinese leader Xi Jinping.

Treasury Secretary Scott Bessent said the two sides resolved key issues, including China delaying restrictions on rare earth exports and plans to restore purchases of American soybeans. While both nations emphasized that no final deal has been reached, the framework marks a temporary easing of hostilities as they continue to navigate broader strategic and technological rivalries.

“China certainly sees itself as in a strategic competition with the United States, and U.S. behavior has justified that type of sentiment,” says Ryan Monarch, associate professor of economics. “It's a strategic competition in terms of geopolitics. It's a strategic competition in terms of technological development, and who is winning the race for artificial intelligence and electric vehicles and high technology products. We're not getting away from that just by this trade framework.”

Read more in the National News Desk article, “US, China reach a 'framework' trade agreement before Trump-Xi meeting.”