Reuters: US and China close to trade deal

China and the US reached a preliminary consensus on trade ahead of the Trump-Xi Jinping meeting, scheduled for October 30 in South Korea, Reuters reports.

Agreements were reached on extending the "trade truce" and export controls. The US Treasury Secretary stated that the 100% tariff Trump had previously threatened China with is "effectively off the table," and Beijing is expected to lift export controls on rare earth metals.

He also said China will resume importing significant volumes of soybeans from the US.