Washinton, Oct 27: US Treasury Secretary Scott Bessent has said that he believes the US has reached a framework agreement with China to avoid imposing an additional 100 per cent tariff on Chinese imports.

“I think we’ve reached a substantial framework for the two leaders who will meet next Thursday… that tariffs will be averted,” Bessent said on Sunday to media from Kuala Lumpur, Malaysia, where President Donald Trump arrived on Saturday for a weeklong Asia diplomacy tour.

Trump is expected to meet with Chinese leader Xi Jinping in South Korea later this week.

Earlier, Chinese International Trade Representative Li Chenggang said the US and China had reached “preliminary consensus” on trade issues during discussions in Malaysia, according to Chinese media.

Bessent did not provide details about the framework but said on media that he anticipates the US would get “some kind of deferral” on rare-earth export controls.

The minerals have been central to trade tensions between the top global economies.

Bessent said the framework sets up Trump and Xi “to have a very productive meeting,” adding, “I think it will be fantastic for US citizens, for US farmers, and for our country in general.”

Bessent indicated that an escalation in tariffs on China is “effectively off the table” following what he described as “very good” trade talks with his Chinese counterparts.

President Trump had threatened an additional 100 per cent tariff on China from November 1 over Beijing’s efforts to impose export controls on critical rare earths, ratcheting up tensions between the US and China.

Asked about the status of those tariffs, Bessent told media on Sunday that tariff threat has “gone away” after two days of talks in Malaysia.

“We had a very good two-day meeting. I would believe that the – so it would be an extra 100 per cent from where we are now, and I believe that that is effectively off the table.”

He added, “I would expect that the threat of the 100 per cent has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime.”

US and Chinese trade negotiators reached a “basic consensus” on how to address their “respective concerns,” Chinese state media said on Sunday, following talks between the two sides over the weekend in Kuala Lumpur.

A delegation led by Chinese Vice Premier He Lifeng met with US officials including Treasury Secretary Scott Bessent and Trade Representative Jameson Greer for the talks, which come days ahead of a highly anticipated meeting between Chinese leader Xi Jinping and US President Donald Trump.

The two leaders are expected to meet on the sidelines of the APEC summit in South Korea, though Beijing, unlike Washington, has yet to confirm the meeting.

Earlier on Sunday, Bessent said the two sides had “set the stage for the leaders’ meeting” with a “very successful framework for the leaders to discuss”.

“The two sides engaged in candid, in-depth, and constructive exchanges and consultations on major economic and trade issues of mutual concern,” the Chinese state media readout said.

It listed out those issues as including US penalties on China’s maritime logistics and shipbuilding industry, reciprocal tariffs, fentanyl tariffs, agricultural trade, and export controls – a sweeping set of frictions that have set the world’s two largest economies at loggerheads.

“Two sides reached a basic consensus on arrangements to address each other’s concerns. Both sides agreed to further finalise the specific details and fulfil their respective domestic approval processes,” the readout said.

Trade and tech tensions between the world’s two biggest economies have heightened in recent weeks after the US expanded its export blacklist, hitting China’s access to American high-tech, while China ramped up its own export controls on rare earth minerals.

Mumbai, Oct 27: Indian stock markets opened on a positive note on Monday, supported by progress in trade talks between the United States and China.

Investors showed optimism after reports suggested that both countries are close to signing a deal to ease trade tensions.

The Sensex was trading at 84,450, up by 239 points or 0.28 per cent, while the Nifty stood at 25,874, gaining 79 points or 0.30 per cent.

On the weekly timeframe, the index witnessed a correction of nearly 311 points from its high, indicating heightened volatility and profit booking at higher levels.

“A breakdown below 25,670 could trigger weakness toward 25,500–25,400, while on the upside, resistance is placed at 25,950, followed by 26,000 and 26,100,” analysts said.

“Sustaining above these resistance levels will be crucial for the index to resume its upward trajectory,” they added.

Among the top performers on the Sensex were Tata Steel, Bharti Airtel, Tech Mahindra, and HDFC Bank, which rose up to 1.4 per cent.

On the other hand, stocks like Infosys, BEL, Kotak Mahindra Bank, and Bajaj Finance were among the laggards, falling up to 1.4 per cent.

Broader markets also traded in the green, with the Nifty MidCap index rising 0.46 per cent and the Nifty SmallCap index up 0.23 per cent.

The rally in domestic equities came after US Treasury Secretary Scott Bessen said on Sunday that President Trump’s proposed 100 per cent tariffs on Chinese goods were “off the table.”

He also mentioned that China is expected to increase soybean imports and delay restrictions on rare earth exports, easing global trade concerns.

All sectoral indices on the NSE were trading higher, with the Nifty Realty index leading the gains, up by 1 per cent.

Experts said that positive global cues and optimism around the US-China trade deal lifted market sentiment, helping Indian equities start the week on a strong note.

“Comments from the US treasury Secretary Scot Bessent that there is a “substantial framework for trade negotiations with China” indicate that a US-China trade deal is on the cards,” analysts said.

“For India, the fundamentals are also turning positive with brisk festival season sales and reports of a smart pick up in capital spending by the private sector. This long awaited trend has significant positive implications for India’s growth and stock market,” they mentioned.

New Delhi, Oct 25: Amid the massive crackdown on cybercriminals in Myanmar, India needs to remain vigilant about numerous cyber scam centres in China-Myanmar border areas that target its citizens, according to a report.

The scam hubs in Kayin State, the Wa region, and the China-Myanmar border areas, where the central government’s reach is limited, lure victims with fake online job postings, confiscate passports, and force them to conduct fraudulent cryptocurrency and romance scams targeting victims worldwide, according to the report in India Narrative

“New Delhi, Beijing, and Bangkok have all demanded that Naypyidaw take action after hundreds of their citizens were trafficked into scam operations,” the report mentioned.

According to reports, a statement by Myanmar’s military information ministry said its forces had “cleared” KK Park, a synonymous with online fraud, money laundering and human trafficking for the past five years.

More than 2,000 people were detained, and around 30 Starlink satellite terminals used to maintain communications networks for scam operations were seized.

For India, these cyber hubs have become a mounting concern.

In March this year, the Ministry of External Affairs confirmed that almost 300 nationals had been rescued from cyber-scam compounds in Southeast Asia, including in Myanmar. According to reports, up to 540 individuals were repatriated in a subsequent phase via Thailand.

Notably, a hybrid form of governance, blending armed-group control, corruption, and foreign criminal investment, has turned Kayin State into a cybercrime haven.

“For the Myanmar junta, the KK Park raid signals to neighbouring countries that it can enforce border security and control hybrid criminal-militia activities,” the report noted.

However, the challenges remain as the networks behind these compounds are deeply embedded in cross-border trafficking and crypto-fraud.

According to media reports, more than 5,400 Chinese suspects involved in telecom fraud in Myawaddy, Myanmar, have been repatriated in a joint crackdown on cross-border telecom fraud launched by China, Myanmar, and Thailand since the beginning of 2025.