Bessent says U.S. and China have reached framework in tariff negotiations

Treasury Secretary Scott Bessent said that he reached a "substantial framework" for trade talks between the U.S. and China ahead of a meeting between President Donald Trump and Chinese President Xi Jinping on Thursday -- potentially averting hefty tariffs on imported Chinese goods. "I think we've reached a substantial framework for the two leaders who will meet in Korea next Thursday," Bessent told ABC News' "This Week" co-anchor Martha Raddatz. "The president had given me maximum leverage when he threatened 100% tariffs if the Chinese imposed their rare earth global export controls, so I think we have averted that," adding that the tariffs on Chinese goods would be avoided if the deal holds. On China's threat to impose export controls on valuable rare earth minerals, Bessent said he belie