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.

Xi was self-contained, and said only what he had prepared. He entered the meeting knowing he had a strong hand. China had learned from Trump's first term, leveraging its chokehold on rare earths, and diversifying its trade partners so it is less reliant on the US.

Global equity funds attracted massive investments in the week to October 29 ahead of an anticipated interest rate cut by the U.S. Federal Reserve and a trade deal between U.S. President Donald Trump and Chinese President Xi Jinping.

With politicians from both sides of the aisle raising concerns on the deal, a hearing will be held next month by the Parliamentary Special Select Committee on International Relations and International Trade.

Yahoo Finance is chronicling the latest news and updates on President Trump's plans to impose tariffs on goods from other countries.

Coffee roasters in the United States are plowing through their stockpiles as they await the outcome of ongoing U.S.-Brazil trade negotiations, talks that could determine whether they have to pay much higher prices for alternative sources of coffee.

US stock futures rose Sunday after US and Chinese representatives agreed on a framework for a trade deal, potentially averting a tariff hike to 157% on Chinese goods.