India, Oct. 27 -- The US and China have agreed on a range of contentious points as part of a trade deal ahead of a key meeting between leaders Donald Trump and Xi Jinping later this week. US Treasury Secretary Scott Bessent said that Trump's threat of 100% tariffs on Chinese goods "is effectively off the table".

Meanwhile, a Chinese official told Bloomberg that both sides had reached an initial consensus on issues such as export controls, fentanyl, and shipping charges. The positive signs from both sides mark a major shift from recent weeks, when China's move to impose new export restrictions and Trump's counter-threat of new tariffs raised fears that the two countries could return to an all-out trade war.

In an interview with CBS News,...