Trump and Xi Jinping kick off crucial trade talks at summit in South Korea
Trump and Xi Jinping kicked off a major trade summit in South Korea, discussing a new trade agreement framework, tariff cuts, and a postponement of rare earth controls in exchange for expanded cooperation.
October 30, 2568 at 10.00:XNUMX p.m. Bloomberg News reported that Donald Trump, President of the United States Xi Jinping President of China Met at a highly anticipated summit on Thursday. The US leader told the Chinese leader that the two would have a very successful meeting to end the massive trade war that has shaken global financial markets.
The meeting took place at an air base in Busan, South Korea, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, with the two leaders shaking hands in front of the media.
Trump said “I think we have agreed on many points and will now agree on more.” ready to add that “I believe we will have a wonderful relationship for a long time to come.”
side Xi Jinping told Trump that “It was a great pleasure to meet you again and I look forward to continuing to work together to build a solid foundation for China-US relations.” and said “Of course, we don't always agree on everything, and it's normal for the world's two largest economies to clash at times. … Amid these challenging winds, you and I, as captains of the China-US ship, must maintain a steady course so that this great ship can sail safely forward.”
The two leaders are expected to discuss in depth the details of a new trade framework deal that began talks over the weekend in Malaysia. The deal would see China suspend its rare-earths export licensing system for at least a year, resume buying US soybeans and increase cooperation in intercepting fentanyl smuggling in exchange for lower US tariffs and possible further concessions.
Xi Jinping specify that "The economic and trade teams of both sides have reached preliminary consensus on key issues and made positive progress, which is an important condition for today's meeting to take place."
Trump also praised Xi as a very strong negotiator and a great leader of a great country, to which Xi responded by praising Trump's efforts in resolving global conflicts. Both in the Middle East and Southeast Asia, he stated that “China is ready to share its responsibilities as a major power and work with the United States for peace.”
Xi Jinping It also refers to Trump's slogan: “I believe that China’s development will move forward in line with your vision of Make America Great Again.”
Although Trump had previously said the meeting could last three to four hours, according to the White House's official schedule, the discussion lasted less than two hours.
According to preliminary details, the new deal will see some tariff relief from China. Trump is expected to cut a 20% tariff on Chinese goods related to the precursor fentanyl and cancel a planned 100% tariff that was set to take effect on November 1. He will also lift restrictions on critical software and fees affecting Chinese shipping. He has also hinted at potentially ending investigations into compliance with long-standing trade agreements from his first term in office.
On the other hand, China has agreed to postpone for at least a year the expansion of its export controls on rare earth minerals, which are crucial for the production of smartphones, jet aircraft and advanced electronic chips.
The US may also open talks on access to Nvidia's "Blackwell" AI processors, a significant concession that could anger Washington's security circles.
China is preparing to resume buying US soybeans, with reports of at least two cargoes already booked, marking a political victory for Trump among his farmer supporters.
Another important point is Xi Jinping is expected to approve the sale of ByteDance's US subsidiary of TikTok to a consortium set up by the Trump administration, which Trump sees as a tool to expand his base among young people.
Trump is also expected to pressure China to reduce its support for Russia's war in Ukraine, with the US preparing to propose a global peace framework and calling on Beijing to limit the export of dual-use goods. Recent US sanctions have also reportedly led China to reduce its oil imports from Russia.
However, most analysts agree that China is unlikely to significantly intervene in the Ukraine war.
On Taiwan, Trump has signaled he will not discuss the issue at the summit, despite previously saying that Taiwan is “Xi Jinping’s heart,” and that China still wants the US to issue a statement opposing Taiwan’s independence, rather than simply not supporting it as it has in the past.
refer : www.bloomberg.com
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