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Negotiators from the US and China have signaled progress in trade talks between the global powers, with US Treasury Secretary Scott Bessent citing the "essential framework" of an agreement to avoid escalating tariffs.
But US officials have hinted that the future of a potential trade deal will ultimately depend on this week's meeting between US President Donald Trump and Chinese leader Xi Jinping.
Trump and Xi met face-to-face five times during the US president's first term, including a Mar-a-Lago reception for Xi and a trip by Trump to Beijing.
At their most recent face-to-face meeting, in June 2019, on the sidelines of a G20 summit, the US and China were seeking a trade deal amid major tariff escalations from both countries. Although Trump and Xi described that June meeting positively, both countries continued to lash out with further tariff threats and had intermittent negotiations.
Trump has long praised Xi's leadership and expressed a warm relationship with his counterpart, whom he has described as a "friend" and "incredibly difficult to deal with." Beijing is looking for some predictability from Trump, who is known for a capricious brand of diplomacy.
Trump threatened to cancel this week's meeting earlier this month after a period of relative calm was shattered by renewed trade tensions over rare earth metals, technology exports and tariffs. But the US president expressed optimism before leaving for his trip, indicating last Wednesday that he was moving toward talks in deal-making mode.
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