If Beijing takes action to cut the export of chemicals that make fentanyl, the U.S. would cut in half the 20% fentanyl-related levies on Chinese goods.

US and Chinese officials have reached a framework agreement, averting a potentially ruinous 157% tariff on Chinese goods while paving the way for a potential trade deal to be discussed between President Donald Trump and Chinese leader Xi Jinping later this week.

Trump said he expects to lower fentanyl-linked tariffs on China ahead of a much-anticipated meeting with Chinese Xi Jinping in South Korea.

China's top trade negotiator, Li Chenggang, told reporters the two had reached a "preliminary consensus," while Trump's treasury secretary, Scott Bessent, said there was "a very successful framework."

President Trump told reporters as he flew into Japan that he expects to have a trade agreement with China finalized by the end of his tour of Asia.

China still has substantial leverage over the U.S. in its dominance of the rare earth minerals market, despite the two countries agreeing to a framework trade deal days before a meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

Scott Bessent told NBC News that President Donald Trump would most likely visit Chinese President Xi Jinping in Beijing early next year.

Treasury Secretary Scott Bessent said 100% tariffs on China are "effectively off the table" after a "very good two-day meeting" between the U.S. and China.

"No Trump!" the rally of hundreds shouted, growing louder as it neared the United States embassy in the centre of South Korea's capital Seoul. A line of police buses stopped them reaching the gates, but a stage and loudspeaker ensured their voices would soar above Gwanghwamun square and within earshot of US President Donald Trump's representatives.

Nvidia Corp. Chief Executive Officer Jensen Huang said that maintaining the US edge in artificial intelligence will require a steady approach that ensures China remains hooked on American technology.