Bangladesh, Oct. 28 -- In a surprising turn of events that could reshape global economic dynamics, the United States and China have agreed on a preliminary trade deal framework just days before a highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping. The development marks the first substantial progress toward easing tensions between the worlds two largest economies in years-and could avert a potentially disastrous escalation of tariffs.

According to US Treasury Secretary Scott Bessent, the framework includes a suspension of the proposed 100% tariff on Chinese imports that was scheduled to take effect on November 1. In exchange, China has agreed to postpone its planned export restrictions on rare earth...