US–China talks advance toward leaders’ review at ASEAN venue

Negotiators from the United States and China reported meaningful progress during Kuala Lumpur discussions meant to de-escalate tariff threats and define guardrails on technology and rare-earths trade. Officials said the contours of an understanding suitable for review by the two presidents are taking shape, with follow-ups expected this week. Markets are watching for clearer timelines on tariff rollbacks, export-control coordination and procurement commitments that could temper supply-chain risk into year-end. Any statement emerging from the talks may influence global risk appetite across equities, FX and commodities.