Senior economic officials from the United States and China wrapped up the first day of negotiations in Kuala Lumpur aimed at averting a sharp escalation in tariffs and export controls. The talks are taking place alongside the ASEAN summit and seek to pave the way for a potential leaders-level meeting. Key topics include rare-earths supply, semiconductor export curbs and market-access commitments. The tone was described as “quite constructive”, though details remain sparse, and the next few sessions will be closely watched for meaningful deliverables.