President Trump will hold a high-stakes meeting with Chinese President Xi Jinping, aiming to conclude a trade deal that will ease global tensions.
President Trump and Chinese President Xi meet in South Korea
President Donald Trump concluded his five-day trip to Asia with a meeting with Chinese leader Xi Jinping in South Korea.
WASHINGTON – President Donald Trump will hold a high-stakes meeting with Chinese President Xi Jinping on Oct. 30 in a bid to strike a trade deal that investors and U.S. soybean farmers hope will ease tensions between the world’s two superpowers.
Meeting between President Trump and President Xi Jinping in Gyeongju, South Korea concludes US President’s 5-day trip to Asia – Comes as Both countries attach great importance to the framework This would prevent China from imposing export restrictions on rare earth minerals and President Trump’s threat of new 100% tariffs on Chinese imports in retaliation.
President Trump, aboard Air Force One from Japan to South Korea, told reporters that the U.S. and China “have not yet discussed the timing” of delays in China’s export controls. “But we’re going to figure something out. You know, we’re doing very well on rare earths,” Trump said.
With a 29-day federal government shutdown and no end in sight at home, President Trump needs to show victory on the China front to protect his country’s chaotic departure.
Rare earths, soy and fentanyl at the center of negotiations
President Trump’s top economic officials have hinted that a deal with China is on the horizon to address the concerns of U.S. soybean farmers, who are in crisis as a result of China’s boycott of U.S. soybeans amid a trade war. “I think soybean farmers will be very happy with this agreement this year and for years to come,” Treasury Secretary Scott Bessent said on CBS’ “Face the Nation” on Oct. 26.
According to Reuters, China’s state-run COFCO purchased three cargoes of U.S. soybeans ahead of the talks, China’s first purchases of U.S. soybeans this year, a move widely seen as a goodwill gesture ahead of the talks.
Another issue is the opioid drug fentanyl, which President Trump has accused the Chinese of illegally manufacturing and importing into the United States. The United States has imposed a 20% tariff on Chinese imports related to the fentanyl dispute, but President Trump told reporters he expected the tariffs to be lowered after his meeting with President Xi Jinping.
President Trump said, “I look forward to the reduction because I believe it will help solve the fentanyl problem.” “They’re going to do what they can.”
The highly anticipated meeting will be the first direct meeting between Trump and Xi since 2019, during the Trump administration’s first term. This follows a six-month trade war between the two countries that has threatened to impose triple-digit tariffs on the other country.
On October 11, President Trump threatened to impose 100% tariffs on imports from China, bringing China’s total tariff rate to 130%, after learning of new measures China is taking to prevent valuable rare earth minerals used in electronics from leaking to other countries.
President Trump initially hinted that he might withdraw from the talks over the proposed export restrictions, but quickly changed his mind after senior officials from both countries had renewed contact.
TikTTok trading and Taiwan
During their meeting, President Trump and Mr. Xi are expected to formalize a U.S.-China agreement to sell TikTok’s U.S. operations to a group of U.S.-based investors and allow the popular video app to continue functioning in the United States. The deal includes TikTok’s algorithm coming under the control of a U.S. startup.
Bessent told “Face the Nation” that President Trump and President Xi “will complete the transaction, including the algorithm transfer, with an agreement in South Korea,” and added, “As of today, we believe all details have been worked out.”
President Trump signed an executive order on Sept. 25 to move forward with the deal, but the new U.S. ventures, worth a total of $14 billion, must clear U.S. regulatory hurdles before they can begin operations.
Mr. Trump has focused the meeting on trade, but Mr. Xi is expected to press him on Taiwan. Taiwan is a democratically governed island off the coast of China that China considers its own territory.
For decades, U.S. presidents have adhered to a vague “one China policy” that recognizes the People’s Republic of China as China’s sole legitimate government while maintaining unofficial diplomatic relations with Taiwan.
Mr. Xi supports the “unification” of Taiwan and China based on “one country, two systems.” Ahead of the meeting, a Chinese government spokesperson said that China would “absolutely not rule out” the use of force against Taiwan.
According to a report by NBC News, administration officials predict that Mr. Xi may use the meeting to ask President Trump to declare his opposition to Taiwanese independence. However, President Trump dismissed the topic when asked if he thought President Xi would apply pressure over Taiwan.
President Trump said, “I don’t even know if I’m going to talk about Taiwan.” “You don’t hear that very often. Taiwan is Taiwan.”
Contributed by: Reuters
Contact Joey Garrison at X @joeygarrison
