KUALA LUMPUR, Malaysia — A trade deal between the United States and China is moving closer, officials from the world's two largest economies said Sunday as they reached an initial consensus that President Donald Trump and Chinese leader Xi Jinping should aim to finalize at their high-stakes meeting.

Any agreement would be a relief for international markets, even if it does not resolve underlying problems related to manufacturing imbalances and access to cutting-edge computer chips.

Beijing recently restricted exports of rare earth elements needed for cutting-edge technologies, and Trump responded by threatening to impose additional tariffs on Chinese products. The prospect of wider conflict risks weakening global economic growth.

China's top trade negotiator, Li Chenggang, told reporters that the two sides had reached an agreement. "preliminary consensus," while Trump's Treasury Secretary Scott Bessent said there was "a very successful setting."

Trump also expressed confidence that a deal was within reach, saying the Chinese "we want to make a deal and we want to make a deal." The Republican president is due to meet Xi on Thursday in South Korea, the last stop on his trip to Asia. Trump reiterated that he plans to visit China in the future and suggested that Xi could come to Washington or Mar-a-Lago, Trump's private club in Florida.

Bessent told CBS "Face the nation" that the threat of additional higher tariffs on China was "effectively off the table." In interviews with several U.S. news shows, he said discussions with China had resulted in initial agreements to prevent fentanyl precursor chemicals from entering the United States, and that Beijing would take action. "substantial" purchases of soybeans and other agricultural products while postponing export controls on rare earths.

Progress toward a possible deal came at the annual Association of Southeast Asian Nations summit in Kuala Lumpur, where Trump sought to burnish his reputation as an international negotiator.

Yet his deal-making style has led to serious disruption at home and abroad. His import taxes have muddied relations with his trading partners, while the U.S. government shutdown has brought him into disputes with Democrats.

Trump attends Thailand-Cambodia ceasefire ceremony

At the summit, Thailand and Cambodia signed an expanded ceasefire agreement in a ceremony attended by Trump. His threats of economic pressure prompted the two countries to end skirmishes along their disputed border earlier this year.

Thailand will release Cambodian prisoners and Cambodia will begin withdrawing its heavy artillery under the first phase of the deal. Regional observers will monitor the situation to ensure fighting does not resume.

"We did something that many people said was impossible to do," » Trump said. Cambodian Prime Minister Hun Manet called this "historic day," and Thai Prime Minister Anutin Charnvirakul said the agreement creates "the building blocks of lasting peace."

The president signed economic framework agreements with Cambodia, Thailand and Malaysia, some aimed at increasing trade in essential minerals. The United States wants to rely less on China, which has used its limited exports of key components in technology manufacturing as a bargaining chip in trade negotiations.

"It is very important that we cooperate as willing partners with each other to ensure that we can have smooth and secure supply chains, for quality of life, for our populations and for security," » said US Trade Representative Jamieson Greer.

Trump reconnects with a key region of the world

Trump only attended the summit once during his first term, and U.S. Defense Secretary Pete Hegseth appeared unfamiliar with ASEAN during his confirmation hearing in January.

This year's event was an opportunity for Trump to reconnect with countries that have a combined economy of $3.8 trillion and 680 million people.

"The United States stands with you 100% and we intend to be a strong partner and friend for many generations to come." » Trump said. He described his counterparts as "spectacular leaders" and I said that "everything you touch turns to gold."

Trump's tariff threats have been credited with helping to spur negotiations between Thailand and Cambodia. Some of the worst modern fighting between the two countries took place over five days in July, killing dozens and displacing hundreds of thousands.

The president then threatened to suspend trade deals unless the fighting stopped. Since then, a fragile truce has persisted.

Malaysian Prime Minister Anwar Ibrahim welcomed the agreement between Thailand and Cambodia, telling the summit that "it reminds us that reconciliation is not a concession, but an act of courage."

Tariffs at the center of Trump's trip

Trump met with Brazilian President Luiz Inácio Lula da Silva in Kuala Lumpur, who was also attending the summit. There has been friction between them over Brazil's prosecution of Jair Bolsonaro, the country's former president and close Trump ally. Bolsonaro was convicted last month of trying to overturn his country's election results.

During their meeting, Trump said he might reduce tariffs on Brazil that he passed in an effort to show leniency to Bolsonaro.

"I think we should be able to make good deals for both countries," he said.

While Trump grew closer to Lula, he avoided Canadian Prime Minister Mark Carney. The president is angry with Canada over a TV ad protesting his trade policies, and on his way to the summit he announced on social media that he would raise tariffs on Canada because of it.

One leader absent from the summit was Indian Prime Minister Narendra Modi. Although he was close to Trump during his first term, the relationship has become more strained of late. Trump sparked irritation by boasting about resolving a recent dispute between India and Pakistan and by raising tariffs on India on its purchases of Russian oil.

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The Minnesota DFL held the first in a series of town hall meetings on gun violence in Waconia on Saturday.

Gov. Tim Walz was joined by former U.S. Rep. Gabby Giffords, an Arizona Democrat who survived a 2011 assassination attempt and has since worked to reduce gun violence. A teacher from Minnesota and two doctors also joined the discussion.

Before this group took questions on stage, the mother of a student at Annunciation Catholic Church and School, where a mass shooting killed two children and injured 30 others, spoke about the physical and emotional damage the shooting caused children at the school.

“I understand that guns are a part of American life and the right to own them is protected by the Constitution, but the cost of these particular weapons is just too high,” said Tess Rada, who has a third grader at the school.

Rada added: “We must do everything to protect our children, strengthen laws. Make mental health care more accessible, enforce warning laws. No law alone will be enough, but doing nothing is unforgivable.”

The town hall is part of an effort to keep the gun debate in the public eye. After the Annunciation shootings this summer, Walz pushed for changes that would, among other things, ban assault weapons and high-capacity magazines.

While Walz talked about calling a special session for the Minnesota Legislature to address these issues, the effort appears to have stalled. Although leaders have not ruled out holding such a special session, efforts have been hampered by the reality of narrow political margins in the Legislature and a lack of agreement on which bills should be debated and voted on.

But Walz has also faced increased pressure to act from advocates who want more gun restrictions.

“We, as Minnesotans, just have to make the case that you're not going to do what you've done everywhere else,” Walz said Saturday. “And I hope we forget and drag this out to the point where we don't allow ourselves to have this conversation. And I'm going to tell you all… We'll put it on the ballot. You can vote for a constitutional amendment on this, and then let the people vote for it. So, it's done.”

Walz urged the crowd of about 850 people at Waconia High School to keep the pressure on lawmakers.

The head of the Minnesota Republican Party called the town hall a “campaign rally, not a town hall.”

Alex Plechash, in a statement, also said the governor would have to convince his own party to support his proposals.

“For two years, Democrats had total control of St. Paul and did nothing,” Plechash, the GOP chairman, said in the statement. “Instead of governing, they recycled slogans and photo ops. »

DFL leaders announced they will hold several more town hall meetings, including one in Rochester early next month.