US and China reach preliminary consensus on trade talks

News Snapshot:

The US and China have agreed on “a very positive” framework for Donald Trump and Xi Jinping’s high-stakes summit this week, US treasury secretary Scott Bessent said on Sunday, raising hopes the sides will extend a trade truce that is set to expire next month. Following weeks of mounting trade tensions between the world’s biggest economies, Mr Bessent and Chinese vice-premier He Lifeng held a second day of talks in Malaysia ahead of the first summit between Trump and Xi since 2019. “I would describe [the negotiations] as constructive, far-reaching, in-depth and giving us the ability to move forward and...