Asian equities surged Monday as investors cheered a breakthrough in US-China trade talks that set the stage for leaders Donald Trump and Xi Jinping to finalise a deal, averting an escalation in the world’s biggest trade dispute.

Markets rallied after US Treasury Secretary Scott Bessent said the threat of the US president imposing an additional 100 percent tariff on Chinese goods was “effectively off the table” following weekend negotiations in Malaysia.

“The tariffs will be averted,” Bessent told ABC News on Sunday, adding that China agreed to delay rare earth export controls and make “substantial” soybean purchases.

Chinese Vice Premier He Lifeng said the two sides reached a “preliminary consensus” on tariffs, export controls and fentanyl cooperation, describing the talks as “candid, i

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