Two days of trade talks in Malaysia leading to Beijing’s cooperation, spurred by the 100% tariff threat: U.S. and Chinese officials, including Treasury Secretary Scott Bessent and Vice Premier He Lifeng, held talks on October 25-26 in Kuala Lumpur during the ASEAN Summit. These addressed escalating tensions over China’s rare earth export controls, with Trump threatening 100% tariffs on Chinese goods starting November 1. The talks produced a “very substantial framework” pausing these measures and deferring rare earth curbs by a year. 

Tariffs “effectively off the table” for now: Bessent explicitly stated the 100% tariffs are “effectively off the table” following the framework, setting up Trump-Xi talks without immediate escalation.

China resuming U.S. soybean purchases: Bessent confirmed China will make “substantial” soybean buys from the U.S. for this season and several years ahead, reviving a key agricultural export halted earlier in 2025 due to trade disputes.

China considering halting fentanyl precursor exports: The talks reached preliminary consensus on fentanyl, including export controls for precursors. Bessent noted it as a discussion point for Trump-Xi, building on prior Chinese commitments to tighten regulations, though full implementation remains under negotiation. 

Trump signing trade deals, a peace treaty, and heading to South Korea for Xi meeting: On October 26 in Malaysia, Trump oversaw the “Kuala Lumpur Peace Accords” ceasefire between Thailand and Cambodia, resolving border clashes he helped mediate in July—earning a Nobel nomination from Cambodia.

signed reciprocal trade deals with Malaysia and Cambodia (zero tariffs on U.S. goods to Cambodia), plus MOUs on critical minerals with Malaysia and Thailand, and a framework trade pact with Thailand.

Trump is en route to South Korea for the APEC summit (October 31-November 1), with a confirmed bilateral meeting with Xi on October 30 to finalize the trade framework.

Trump has long styled himself the “President of Peace” for such diplomatic wins.