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

US and Chinese officials have reached a framework agreement, averting a potentially ruinous 157% tariff on Chinese goods while paving the way for a potential trade deal to be discussed between President Donald Trump and Chinese leader Xi Jinping later this week.

Soybean prices reached a 15-month high Tuesday as the commodity, which makes up the U.S.’ largest agricultural export, is embroiled in the trade war between the U.S. and China that’s affecting American farmers. Soybean prices have risen more than 11% since July last year as the crop has become a major tool in U.S.-China trade negotiations.

US trade secretary says the two will sign a deal on TikTok, while hinting at agreement on rare earths and tariffs.

The Trump administration is widely expected to make a fresh agreement on trade this week with China, and U.S. stocks are rallying Monday.

China and the United States, the world’s two economic superpowers, have been sparring since Mr. Trump’s return to office. In response to steep U.S. tariffs, China announced this month that it would curb the export of rare earths, of which it has the world’s largest supply. Mr. Trump vowed to increase tariffs further if it did.

Top trade negotiators for the US and China said they came to terms on a range of contentious points, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease trade tensions that have rattled global markets.

President Trump told reporters as he flew into Japan that he expects to have a trade agreement with China finalized by the end of his tour of Asia.

By Ishaan Arora and Sherin Elizabeth Varghese (Reuters) -Gold fell more than 2% to a three-week low on Tuesday, as optimism over easing trade tensions lifted risk appetite and squeezed demand for safe-haven bullion,