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

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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