US and China say a trade deal is drawing closer as Trump and Xi ready for a high-stakes meeting

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A trade deal between the United States and China is drawing closer, officials from the world’s two largest economies said Sunday as they reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting. Any agreement would be a relief to international markets even if it does not address underlying issues involving manufacturing imbalances and access to state-of-the-art computer chips. Beijing recently limited exports of rare earth elements that are needed for advanced technologies, and Trump responded by threatening additional tariffs on Chinese products. The prospect of a widening conflict risked weakening economic growth worldwide. China’s top trade negotiator, Li Chenggang, told reporters the two sides had reached a “preliminary consensus," while Trump's treasury secretary, Scott Bessent, said there was “a very successful framework." Trump also expressed confidence that an agreement was at hand, saying the Chinese "want to make a deal and we want to make a deal.” The Republican president is set to meet with Xi on Thursday in South Korea, the final stop of his trip through Asia. Read more: https://www.wkyc.com/article/syndication/associatedpress/trump-aims-to-start-his-asia-trip-with-dealmaking-in-malaysia/616-97a6a65d-c225-465a-b702-4d31704ae8a8 -- At 3News, we’re not here to tell you the news, we’re here to share the stories that you say matter most to you. Share your ideas, thoughts, concerns and engage in conversations about the communities in which we all call home. Follow 3News on Social: Facebook: https://www.facebook.com/wkyc.channel3/ Twitter: https://twitter.com/wkyc Instagram: https://www.instagram.com/wkyc3/ Visit our site: https://www.wkyc.com/ And be sure to download our app here: https://wkyc.com/app