US President Donald Trump and Chinese President Xi Jinping will meet in South Korea on Thursday, October 29, on the sidelines of the 21-nation Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, just as their countries continue to battle over tariffs – from rare earths to soybeans and port fees.
Earlier in the day, Donald Trump confirmed his “great” and “fantastic” meeting with Xi Jinping, which he said would “go really well” and solve “a lot of problems.”
“Today I’m going to meet with President Xi…a very fantastic meeting…It’s a big meeting. I think it’s going to go really well. It’s going to be great for everybody,” Trump said. Before leaving for his tour, Trump said the US had been talking to the Chinese and “we’re not just coming to the meeting cold.”
“I think we’re actually going to have a very good outcome for our country and for the world.”
Trump-Xi meeting: What to expect?
Reports suggest that a potential interim deal between the US and China could include partial exemptions from tariffs and Chinese commitments to buy US soybeans and Boeing aircraft.
If all goes well, Washington may allow exports of more advanced computer chips to Beijing in exchange for China easing restrictions on rare-earth magnets – a top priority for the US.
Trump was furious earlier this month after Beijing imposed new controls on the export of rare earth elements vital to manufacturing technology and warned of steep retaliatory tariffs. In response, his administration threatened to restrict exports of products containing American software
Trump has said he wants China to buy more U.S. soybeans after the country halts all purchases of $12.6 billion in 2024.
All eyes are also on negotiations to reduce 20 percent tariffs on Chinese goods related to fentanyl or to eliminate port charges the two countries have imposed on each other’s vessels.
Taiwan could also feature in US-China talks. Trump did not rule out Taiwan’s participation in the talks, saying Xi Jinping “might want to talk about it.”
Earlier in the day, the Trump administration signaled that it may have finally reached a deal with China to allow TikTok to operate in the US. Treasury Secretary Scott Bessent told CBS that the two leaders “will complete the transaction on Thursday in Korea.”
