U.S. Treasury Secretary Scott Bessent announced Sunday that China is considering postponing restrictions on the export of rare earth minerals and resuming purchases of American soybeans, thus avoiding an increase in tariffs against the country.

US President Donald Trump has threatened to impose 100% tariffs on Chinese goods starting November 1 if China imposes restrictions on the export of rare earths.

"I think we avoided that," Bessent announced on ABC's 'This Week with George Stephanopoulos.'

China"will postpone this for a year while it analyzes the situation," he added, noting that Beijing also agreed to"purchase substantial agricultural products from American farmers" during talks with Vice Premier He Lifeng.

Earlier, China had announced that it had reached a"preliminary agreement" with the US in trade negotiations, after two days of talks in the Malaysian capital.

The announcement was made by China's foreign trade representative, Li Chenggang, although he did not clarify the terms of the"preliminary agreement".

Li said the dialogue between the two sides addressed"numerous topics," giving as examples export controls (which Beijing applies to rare earths), the possible extension of the reciprocal suspension of customs tariffs and anti-drug cooperation against fentanyl.

The United States and China also discussed expanding bilateral trade, as well as U.S. port fees against Chinese vessels.

This agreement comes just days before the meeting between the leaders of the two countries, Donald Trump and Xi Jinping, on October 30 in South Korea.

Trade negotiations between Washington and Beijing are taking place in a tense climate, after, in mid-October, China imposed new restrictions on the trade of rare earths, in the production and export of which it has a virtual monopoly.