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US President Donald Trump and Chinese President Xi Jinping talk as they hold a bilateral meeting at Gimhae International Airport, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in Busan, South Korea, October 30, 2025. — Reuters
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Busan: US President Donald Trump opened talks with Chinese leader Xi Jinping at an air base in South Korea on Thursday, expressing confidence in finding peace in the trade war between the world’s two largest economies.
Their Boston encounter, the first face-to-face since 2019, caps Trump’s whirlwind tour of Asia, during which he has contested trade developments with South Korea, Japan and Southeast Asian partners.
“We’re going to have a very successful meeting, I have no doubt. But he’s a very tough negotiator,” Trump said as he shook hands with Eleven, who showed little emotion as Trump told reporters the pair could sign a trade deal on Thursday.
As he sat down with his delegation to begin the talks, Xi told Trump through an interpreter that it was normal for the world’s two leading economies to rub shoulders now and then.
A few days ago, trade negotiators for the two countries reached a “basic consensus on addressing each other’s core concerns,” Eleven said. “I am ready to continue working with President Trump to lay a solid foundation for China-US relations,” he added.
China’s yuan rose to a near one-year high against the dollar as investors hoped for an easing of trade tensions that have roiled global business. Global stock markets, from Wall Street to Tokyo, have hit record highs in recent days.
Trump has repeatedly discussed the possibility of reaching a deal at his meeting with XI on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, as negotiators from both sides reached an understanding in Kuala Lumpur on Sunday.
But with the two countries increasingly willing to play hardball on areas of economic and geopolitical competition, many questions remain about how soon any trade can begin.
Beijing ended a trade war this month after proposing to dramatically expand exports of rare-earth minerals for high-tech applications, a sector China dominates.
Trump vowed to retaliate with 100% additional tariffs on Chinese exports, among other measures, including potential restrictions on exports to China made with American software.
“G2 will be launched soon,” Trump posted on True Social shortly before landing in Boston.
In a separate post, he said the US would immediately speed up nuclear weapons testing, noting China’s growing arsenal. Trump declined to answer a reporter’s question on the Post at Thursday’s meeting.
The U.S. expects Beijing to delay the unusual ground control
After a weekend of back-and-forth between top trade negotiators, U.S. Treasury Secretary Scott Besant said he expected Beijing to delay curbs on the rare earth for a year and restore purchases of U.S. soybeans for U.S. farmers, as part of a “substantial framework” agreed by leaders.
Ahead of the summit, China bought its first cargo of U.S. soybeans in months, Reuters reported exclusively on Wednesday.
The White House has indicated that it hopes to have the first part of the summit between Trump and XI in the coming year, including visits by the potential leader to each country, to mark the long process of negotiations.
But Trump wants some swift progress in talks closely watched by businesses around the world.
Trump said on Wednesday that he expected to lower U.S. tariffs on Chinese goods in return for Beijing’s commitment to stem the flow of precursor chemicals to make fentanyl, a deadly synthetic opioid that is the leading cause of U.S. overdose deaths.
Trump has also said he may sign a definitive deal with Eleven on the social media app, TikTok, as long as its Chinese owners do not end its American operations.
Earlier deals on revenues and rare earths due to expire
The previous deal, which sharply cut retaliatory rates to 55% on the US side and 10% on the Chinese side and restarted the flow of rare earth magnets from China, is set to expire on November 10.
China has agreed to help stem the flow of fentanyl precursors, Besant said, but did not say whether the U.S. offered any concessions in return.
Beijing plans to lift 20% tariffs on fentanyl, ease export controls on sensitive U.S. technology, and roll back new U.S. port fees on Chinese ships, all aimed at countering China’s global dominance in shipbuilding, shipping and logistics.
Trump’s meeting with XI comes at the end of a five-day trip to Asia in which he signed deals with Japan and Southeast Asian countries on rare earths, and sought to break China’s stranglehold on minerals used in everything from cars to fighter jets.
Tensions over Taiwan
Regional strategic tensions, particularly Beijing’s claim to Taiwan, a US partner and high-tech powerhouse, are a murky backdrop to the summit.
On Sunday, Chinese state media said Chinese H-6K bombers recently flew near Taiwan to practice “collision exercises”.
U.S. Secretary of State Marco Rubio said Taiwan should not be concerned about the U.S.-China talks, even as some experts expressed concern that Trump could offer concessions to the island. Washington is required by US law to provide Taiwan with the means to defend itself.
