President Biden and Chinese President Xi Jinping reportedly are prepared to announce a crackdown on fentanyl this week — after the mostly China-sourced drug has killed about 200,000 Americans since Biden took office.

The two leaders are tipped to unveil the agreement as they meet Wednesday at the Asia-Pacific Economic Cooperation conference in San Francisco.

Fentanyl kills more than 200 Americans a day, but Biden rarely mentions China’s culpability and didn’t raise the matter during public portions of a 2022 summit with Xi in Bali or a 2021 virtual summit.

“We’re hoping to see some progress on that issue this coming week,” national security adviser Jake Sullivan told reporters Monday. “That could then open the door to further cooperation on other issues.”

China’s Ministry of Foreign Affairs said it was willing to carry out anti-drug trafficking measures on the basis of “equality and mutual respect” according to Bloomberg.

Under the terms of the agreement, Beijing would target chemical companies exporting fentanyl and making the compounds used to produce it, sources familiar with the negotiations told Bloomberg.

In exchange, Biden would lift restrictions on China’s Forensic Police Institute — which the Commerce Department restricted from accessing US technology in 2020 over allegations it was involved in the repression of Uyghurs.

The Wall Street Journal reported the outlines of the potential deal in July. China broke off talks with the US on counter-narcotics efforts last year in protest of then-House Speaker Nancy Pelosi’s visit to Taiwan.

Fentanyl and its precursors generally are manufactured in China and shipped into the US via the southern border or even the international mail system.

The compound can kill in extremely small doses equivalent to about 10-15 grains of table salt and is increasingly causing the deaths of unwitting users as it is mixed into non-opioid drugs like cocaine and into counterfeit prescriptions.

Under Biden, fentanyl killed roughly 76,000 Americans in 2022, an increase from about 72,000 in 2021, according to CDC data. 

So far in 2023, monthly deaths from fentanyl are on track to set new records, according to preliminary CDC estimates through May — which puts the cumulative fentanyl toll among Americans near or above 200,000 since Biden entered office.

About 58,000 Americans died from fentanyl in 2020 during then-President Donald Trump’s final full year in office, up from more than 37,000 in 2019 and about 32,000 in 2018.

Trump routinely mentioned fentanyl’s source while president and claimed he pressured Xi into adopting the death penalty for exporters.

That promised crackdown didn’t stem the flow and experts warn the latest deal may fall apart if US officials are critical of Xi and his Chinese Communist Party.

“China’s agreements have an unstated condition: Void if you criticize Xi and the Communist Party,” Derek Scissors, a senior fellow at the American Enterprise Institute, told Bloomberg. “If the Biden administration isn’t pro-China in 2024, enforcement of a fentanyl deal will fade away.”

Biden in June upset the Chinese government by referring to Xi as a “dictator” at a fundraiser in an apparent off-the-cuff remark.

Republicans in Congress, meanwhile, have accused Biden of making “repeated concessions” to Beijing.

House Republicans are investigating, as part of an impeachment inquiry launched in September, the president’s links to a pair of Chinese government-backed businesses involving his son Hunter and brother James Biden.

The president met with his relatives’ business partners as part of both dealings and was penciled in for a 10% cut from one of the deals, in which his family received at least $6.1 million as Hunter threatened his dad’s wrath, writing in one message from July 2017 that he was “sitting here with my father.”

House Speaker Mike Johnson (R-La.) told The Post last week that he wanted Biden to press Xi on fentanyl — and also to push for transparency about the origins of COVID-19, which killed more than 1.1 million Americans after possibly leaking from a Chinese lab in the city of Wuhan.

Johnson said that he believes Biden is “soft” on China and that “it probably has something to do with business relationships and may very well involve Hunter and James Biden and some of the deals they made over there.”

Trump, who is seeking a rematch against Biden in next year’s election, claimed in a video published in August that Biden “was bribed and now he’s being blackmailed” by China.

Chinese businesses supply Mexican drug cartels with fentanyl and with the chemicals used to make it.

The synthetic opioid is 50 times more powerful than heroin and 100 times more powerful than morphine.

The drug problem has become a burden on several American cities, including San Francisco, where the upcoming summit will be held, after ravaging rural and suburban areas where the popularity of OxyContin helped spark an addiction crisis.

Mayor London Breed has even said she blames fentanyl for the decline of her city and for exacerbating the city’s homeless crisis.

“Fentanyl has really devastated our city like no other drug we’ve ever experienced within my lifetime,” she told Bloomberg.

“I would ask him [Xi] to work with the US and to ensure that the resources that are being sent out of China, that come into either the US or Mexico are cut off to the fullest extent possible.”

Republicans on the House Select Committee on the Chinese Communist Party have also cautioned Biden against continuing his “repeated concessions” to Beijing at his upcoming one-on-one with the Chinese president.

They listed 10 demands they suggest Biden make of Xi “before the end of the APEC summit.”

Those demands include the release of all US citizens wrongfully detained in China, an end to “all near-collisions and unsafe intercepts” with American forces at sea and in the air and suspension of a key program in the PRC’s forced-labor programs in Xinjiang.”

Other demands include Xi allowing “all exit-banned US citizens to leave [China] immediately”; establishing “‘know-your-customer requirements” on Chinese shipments of fentanyl ingredients; ceasing “all military operations in Taiwan’s Air Defense Identification Zone,” which Beijing does not respect; and to stop “all present and future harassment of Philippine” ships in the South China Sea.