The US and China have agreed the framework of a potential trade deal that will be discussed when their respective leaders meet later this week, the US treasury secretary has said, BBC reported.

Scott Bessent told the BBC's US news partner CBS that this included a "final deal" on TikTok's US operations and a deferral on China's tightened rare earth minerals controls.

He also said he did not anticipate the 100% tariff on Chinese goods threatened by US President Donald Trump coming into force, while China will resume substantial soybean purchases from the US, according to BBC.