Washington: The United States and China have reached a preliminary agreement on three important trade issues, as revealed by US Treasury Secretary Scott Besant. This development comes just days before the anticipated summit between Presidents Donald Trump and Xi Jinping.

According to National Iraqi News Agency, the agreement includes the United States withdrawing the threat of a 100% tariff increase on Chinese goods. In return, Beijing has agreed to postpone restrictions on its global exports of rare earths, which are crucial to various American industries. These materials are vital for manufacturing in sectors such as electronics and defense.

Furthermore, the agreement entails Beijing resuming large-scale purchases of soybeans from American farmers. The soybean market is a significant economic sector for the United States, and China represents a major buyer. This move is seen as a strategic political win for Trump, as American farmers are a key component of his domestic political support.

Besant also disclosed that both nations have reached a final agreement on the American version of the popular Chinese social media app TikTok. This aspect of the agreement is likely to have significant implications for the tech industry and social media landscape in the United States.