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US and China say trade deal drawing closer as Trump and Xi prepare for meeting

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President Donald Trump addresses during the ASEAN US Summit in Kuala Lumpur, Malaysia, Sunday, Oct. 26, 2025.

China’s top trade negotiator, Li Chenggang, told reporters the two had reached a “preliminary consensus,” while Trump’s treasury secretary, Scott Bessent, said there was “a very successful framework.”

(Image credit: Vincent Thian/)

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