China and the United States have announced a consensus on a potential trade deal, which is intended to provide a framework for Chinese President Xi Jinping and US President Donald Trump to finalize an agreement during their meeting in South Korea on 30 October. The agreement was reached following discussions between Chinese Vice Premier He Lifeng and a US delegation at the Association of Southeast Asian Nations (ASEAN) summit in Malaysia on 26 October. The consensus encompasses tariffs, export controls, agricultural trade, and fentanyl cooperation. The agreement prevents an imminent trade escalation, which had intensified due to China’s rare earth export curbs and the planned 01 November tariff deadline.