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.

President Donald Trump is meeting face-to-face with Chinese leader Xi Jinping on the final day of Trump’s trip to Asia, a chance for the leaders of the world’s two largest economies to stabilize relations after months of turmoil over trade issues.

President Donald Trump and Chinese president Xi Jinping have begun what is expected to be three to four hours of high-stakes ,in-person talks in hopes of lowering the temperature of a simmering trade war that has threatened to boil over and upend the global economy.

A new report has found that price hikes in May and April went beyond what the announced tariffs could reasonably explain.

China has signed an expanded free trade agreement with the Association of Southeast Asian Nations. Premier Li Qiang has promoted economic ties with Beijing as an alternative to U.S. protectionist policies.

Oil prices held on to most gains from the previous session in early trading on Thursday as investors awaited U.S.-China trade talks later in the day, hoping for signs that tensions clouding the economic growth outlook will ease.

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.

Iowa Republicans are urging the Trump administration to move to restore access to foreign soybean markets amid a trade standoff with China.