(Reuters) -U.S. Treasury Secretary Scott Bessent said on Sunday he has reached a "very substantial framework" with Chinese Vice Premier He Lifeng that will avoid 100% U.S. tariffs on Chinese goods and achieve a deferral of China's rare earths export controls.

Yahoo Finance is chronicling the latest news and updates on President Trump's plans to impose tariffs on goods from other countries.

The Trump administration is launching a trade investigation that opens the door to new tariffs on Chinese goods, ratcheting up tensions ahead of a highly anticipated summit next week between the countries’ leaders.

BANGKOK (AP) — China did not back down Monday in a back-and-forth with the U.S. over trade, calling for U.S. President Donald Trump to withdraw his latest threat of a 100% tariff and other export control measures announced over the weekend.

China made clear that it will not be cowed by the president’s threat to impose 100 percent tariffs on Chinese imports.

Treasury Secretary Scott Bessent said he expects Trump and Chinese President Xi Jinping to still meet this month after Trump threatened to back out.

China has reported that its economy expanded at the slowest annual pace in a year in July-September, growing 4.8%, weighed down by trade tensions with the United States and slack domestic demand.

President Donald Trump announced he will impose an additional 100% tariff on goods from China, on top of the 30% tariffs already in effect, starting November 1 or sooner. The threat is a massive escalation after months of a trade truce between the two nations.

The United States and China reached a preliminary consensus on fentanyl and ship levies after two days of wide-ranging discussions, a Chinese official said, in tentative signs of easing tensions between the world’s two largest economies.

U .S. soybean farmers headed into harvest season facing a problem possibly more daunting than a drought or a tornado. China, the top global buyer of soybeans, has moved away from American beans in the heart of the selling season.