Treasury Secretary Scott Bessent said the U.S. and China have reached a “substantial framework” for trade talks ahead of President Trump’s meeting with Xi Jinping, potentially averting planned tariffs on Chinese goods.

China is expected to delay rare earth export controls for a year, and a deal on American soybean purchases could benefit U.S. farmers for several years.

Bessent credited Trump’s tariff threats with giving the U.S. leverage to secure the framework and expressed optimism about its outcomes, ABC News has reported.

He also criticized Democratic lawmakers amid the ongoing government shutdown, urging them to cooperate with Republicans to reopen the government.