Treasury Secretary Scott Bessent said Sunday the U.S. and China have agreed on the “substantial framework” of a trade deal that will benefit American farmers and resolve other key issues.

Bessent, in an interview with ABC News from Malaysia, where he was traveling with President Donald Trump, said Trump gave him the “maximum leverage” with China after threatening a 100% increase in tariffs in response to China’s limits on exports of rare earths.

Trump is set to meet Chinese President Xi Jinping in South Korea on Thursday.

Ahead of the meeting, negotiators have “agreed on substantial agriculture purchases for U.S. farmers,” Bessent said. 

In a separate interview with NBC's Meet the Press, he said, "I believe that we have the framework for the two leaders to have a very productive meeting for both sides, and I think it will be fantastic for U.S. citizens, for U.S. farmers, and for our country in general."

He told CBS News Face the Nation that "soybean farmers are going to be extremely happy with this deal for this year and for the coming years."

Bessent didn’t disclose details of what had been agreed to so far, suggesting that would be left to Trump to announce. 

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“But I believe, when the announcement of the deal with China is made public, that our soybean farmers will feel very good about what's going on, both for this season and the coming seasons, for several years,” Bessent said in the ABC interview. 

In comments to reporters on Sunday, U.S. Trade Representative Jamieson Greer struck a similarly optimistic tone. 

"I think we're moving forward to the final details of the type of agreement that the leaders can review and decide if they want to conclude together," Greer said on the sidelines of an Association of Southeast Asian Nations summit in Malaysia. 

China has stopped purchasing U.S. soybeans and other commodities since Trump imposed higher tariffs on Chinese exports. 

Agriculture Secretary Brooke Rollins touted Bessent's comments and their potential implications for U.S. soybean producers in a post to X on Sunday. 

"China’s commitment to make substantial purchases of US soybeans brings the market BACK into balance and secures years of prosperity for American producers," Rollins wrote, adding that there would be more "good news coming shortly."

On Friday, the Office of the U.S. Trade Representative announced it would carry out an investigation into China’s purchases under the Phase One agreement signed during President Donald Trump’s first term. Under the agreement, Beijing agreed to increase its purchases of U.S. products by $200 billion across 2020 and 2021 from 2017 levels. 

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