05:43 AM EDT, 10/27/2025 (MT Newswires) -- The US and China have established the framework of a potential trade deal to be discussed during the upcoming meeting of their leaders later this week, multiple media reports said Monday, citing US Treasury Secretary Scott Bessent.

Donald Trump and Chinese President Xi Jinping are scheduled to hold talks on Thursday in South Korea, the reports said.

A "final deal" of TikTok's US operations, besides a postponement of rare earth minerals control from China, is on the agenda. The reports also said that there is likely easing on the proposed 100% tariffs on goods from China as earlier stated by Trump, even as China is expected to resume substantial offtake of soybean from the US.

"The tariffs will be averted," Bessent said, according to the reports.