The United States and China held discussions on trade issues during two days of high-level negotiations in Malaysia.

In an interview with ABC on Sunday, U.S. Treasury Secretary Scott Bessent, who led the talks with Chinese Vice Premier He Lifeng, said the two sides have reached a "substantial framework" for their state leaders to have a "very productive meeting" when they meet in South Korea on Thursday.

Bessent said the administration has "averted" Beijing's previously announced rare earth global export controls, against which Washington threatened to impose additional tariffs of 100 percent.

The treasury secretary said the Chinese side is going to delay the imposition of the planned export licensing system for a year and reexamine the move, and that though the threatened U.S. tariffs will also likely be averted, the final decision would be up to U.S. President Donald Trump.

Bessent added that the two sides had also found common ground on China’s suspension of U.S. soybean imports and the flow of fentanyl precursor into the United States.