US and China Reach Framework Agreement in Kuala Lumpur Trade Talks
Following two days of negotiations in Kuala Lumpur, US Treasury Secretary Besant announced a substantial framework deal, with the US dropping plans for 100% tariffs on Chinese imports.
Summary
On October 26, United States and Chinese trade teams wrapped up their fifth in-person negotiation round since May, held over two days in Kuala Lumpur. US Treasury Secretary Besant stated that both parties achieved a substantial framework agreement, and the US will not pursue the previously considered 100% tariffs on Chinese goods.
Terms & Concepts
- Tariffs: A tax imposed by a government on imported goods, used to protect domestic industries or influence foreign trade policies.
- Framework Agreement: A preliminary, broad agreement outlining key principles and terms, intended to guide the development of a more detailed formal contract.