US and China say trade deal drawing closer as Trump and Xi prepare to meet

News Snapshot:

Any agreement would be a relief to international markets even 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 Mr Trump responded by threatening additional tariffs on Chinese products. The prospect of a widening conflict risked weakening economic growth worldwide.Chinese President Xi Jinping (Xie Huanchi/Xinhua via AP) China’s top trade negotiator, Li Chenggang, told reporters that the two sides had reached a “preliminary consensus”, while Mr Trump’s treasury secretary, Scott Bessent, said there was “a very successful framework”. Mr...