(NewsNation) — Treasury Secretary Scott Bessent announced Sunday that the U.S. and China have reached a “substantial framework” for a trade agreement that could help avoid 100 percent tariffs on Chinese goods.

Earlier this month, President Trump threatened to impose 100 percent tariffs on Chinese goods as of Nov. 1, in response to China tightening its control over rare earth minerals. Speaking with NBC’s “Meet the Press,” Bessent says he no longer anticipates that will happen.

"President Trump gave me a great deal of negotiating leverage with the threat of the 100 percent tariffs on November 1st," Bessent said. "And I believe we've reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese."

Bessent highlighted rare earth mineral

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