Chinese Premier Li Qiang criticised “unilateralism” and warned that global trade should not revert to the “law of the jungle,” where stronger nations dominate weaker ones. His remarks came just days before a scheduled meeting between US President Donald Trump and Chinese President Xi Jinping, where the two leaders aim to resolve their long-running trade dispute.

Speaking at the ASEAN Summit in Kuala Lumpur, Li emphasised that economic globalisation and multipolarity are “irreversible,” signalling Beijing’s opposition to aggressive trade measures such as tariffs. The comments followed an announcement that the US and China had reached an “initial consensus” on a potential trade deal.

US Treasury Secretary Scott Bessent stated that Trump’s earlier threat to impose an additional 100% tariff on Chinese goods had been withdrawn. The proposed tariff, intended as retaliation for China’s export restrictions on rare earth elements, is no longer being considered.

Bessent confirmed that the two sides held productive two-day discussions and that both the tariff threat and China’s global export control measures were “off the table.” The talks, led by Chinese Vice Premier He Lifeng and a US delegation including Bessent and US Trade Representative Jamieson Greer, resulted in what Beijing described as a “basic consensus.”

Trump, en route to Japan, expressed optimism about achieving an agreement when he meets Xi in South Korea on Thursday. The high-level talks could mark a turning point in easing tensions between the world’s two largest economies.