Trump’s Asia Tour Set to Attract $2 Trillion in Investments: Bessent

U.S. Treasury Secretary Scott Bessent announced on Thursday that the United States and China have finalized the framework of a comprehensive trade agreement, which could be signed as early as next week. 

He added that President Donald Trump’s ongoing Asia tour is expected to attract up to $2 trillion in additional foreign investments into the United States.

In a statement carried by Reuters, Bessent said the United States would suspend for one year the export restrictions on certain U.S. technologies to Chinese companies listed on the government’s entity blacklist, as part of efforts to ease trade tensions with Beijing.

Under the “affiliate rule” unveiled by the Trump administration in late September, and fiercely opposed by Beijing, Chinese firms that are 50% or more owned by previously sanctioned entities were barred from accessing U.S. technology exports.

A recent report by Chinese research platform WireScreen estimated that the rule had negatively affected around 20,000 new Chinese firms, many of which relied on overseas subsidiaries to acquire restricted U.S. technology.

Bessent confirmed that Washington and Beijing have also completed negotiations over the transfer of ownership of TikTok, following talks held in Kuala Lumpur. The final execution of the deal is expected in the coming weeks.

He further revealed that China has expressed interest in joining a major U.S. pipeline project in Alaska, signaling renewed appetite for bilateral infrastructure cooperation.

In an interview with Fox Business, Bessent said that the U.S. would suspend for one year the enforcement of Section 301 trade actions targeting China’s shipping and shipbuilding sectors. The move reportedly came in exchange for Beijing’s commitment to a temporary halt on restrictions for exports of rare earth elements, which are critical to U.S. high-tech and defense industries.

The agreement also includes a mutual reduction of tariffs on products linked to the fentanyl trade, with the U.S. cutting duties on related Chinese goods by half, while China pledged to curb exports of precursor chemicals used in illegal fentanyl production.

As part of the deal, China agreed to purchase 12 million tons of U.S. soybeans during the current season, and to increase annual imports to 25 million tons over the next three years under a broader trade framework.

The announcements mark a significant thaw in U.S.–China relations after years of tariff battles and mutual sanctions, and could pave the way for renewed strategic cooperation in trade, technology, and energy investment.