Kula Lumpur [Malaysia], October 26 (ANI): China and the United States on Sunday reached basic consensuses on a preliminary trade deal after two days of talks in Kuala Lumpur, ahead of a potential meeting of the presidents of the two countries.

The talks between Chinese and American economic officials were led by Chinese Vice-Premier He Lifeng, US Secretary of the Treasury Scott Bessent and US Trade Representative Jamieson Greer ahead of the November 10 expiration of a temporary tariff truce.

'The essence of China-US economic and trade relations is mutual benefit and win-win results, and the two countries gain from cooperation and lose from confrontation,' Chinese Vice Premier He Lifeng said as reported by Xinhua.

Addressing reporters after the talks, China's international trade representative with the Ministry of Commerce Li Chenggang said a 'basic consensus' was reached after a 'in-depth and candid discussion'.

The US side expressed its position in a tough manner, and the Chinese side remained resolute in safeguarding its interests, Li was cited as saying by Xinhua.

The talks included export controls, the US Section 301 measures on China's maritime, logistics and shipbuilding sectors, extension of the suspension of reciprocal tariffs, fentanyl-related tariff and law enforcement cooperation, the Chinese trade representative said as per the Chinese state media.

He said that the consensus will go through domestic approval procedures of both countries.

Meanwhile, US Treasury Secretary Scott Bessent told NBC News that President Donald Trump would most likely visit Chinese President Xi Jinping in Beijing early next year.

In an interview with the ABC Bessent said the US threat of a 100 per cent tariff hike on Chinese goods had effectively been taken off the table in exchange for Beijing deferring curbs on its global rare earth exports. He said China had also agreed on 'substantial' purchases from US farmers.

A 'framework' is ready for a meeting this week between Trump and Xi that is intended to avoid the harsher tariffs threatened by Trump starting November 1 should Beijing move forward with plans to put restrictions on rare earth minerals, Bessent told the American news outlet.

Trump was in arrivedin Malyasia today to participate in the summit of the Association of Southeast Asian Nations (ASEAN). He is scheduled to visit Japan and South Korea where he is expected to meet with Chinese President Xi Jinping on Thursday.

Talking to reporters after a meeting with Brazilian President Luiz Inacio Lula da Silva on the sidelines of the ASEAN summit, the US President said he is confident of reaching a trade deal with Xi Jinping when they meet later this week in South Korea. (ANI)