Donald Trump, Xi Jinping meeting Highlights: China-US trade deal could be signed next week, says Bessent

Chinese leader Xi Jinping told Asia-Pacific leaders on Friday that his country would help to defend global free trade at an annual economic regional forum snubbed by U.S. President Donald Trump.

Xi took center stage at the Asia-Pacific Economic Cooperation summit that began Friday in the South Korean city of Gyeongju, as Trump left the country a day earlier after reaching deals with Xi meant to ease their escalating trade war. (AP)

As per Bloomberg, Trump said the two leaders had “settled” their differences on one of the most challenging issues, and a key point of China’s influence: access over rare earths. “There’s no roadblock at all on rare earth,” he said Thursday aboard Air Force One. “That will hopefully disappear from our vocabulary for a little while.”

Asian shares were mostly lower Friday after US stocks fell back following Trump’s meeting with China’s leader, Xi Jinping, AP reported. Despite the two leaders' agreement to extend a truce in the trade war between the two largest economies, Chinese markets declined on concerns over persisting tensions between Washington and Beijing.

The Chinese defence minister on Friday stated that China and the United States should strengthen policy-level communication between their defence ministries and boost exchanges between their military personnel, according to Reuters.

According to China’s foreign ministry, Xi told assembled leaders during the closed-door opening session on Friday morning that "changes unseen in a century are accelerating across the world."

"The rougher the seas, the more we must pull together," Xi added, emphasising the need to safeguard the multilateral trading system and enhance economic cooperation, Reuters reported.

The US soybean industry expanded in response to China’s growing demand beginning in the 1990s, as China’s rapid economic development led it to depend on foreign suppliers to help meet its food needs. Protein-rich soybeans remain a key part of the Chinese diet, according to AP.

Although China produces its own soybeans for foods like steamed beans and tofu, the country requires much larger quantities for oil production and animal feed. In 2024, China harvested 20 million metric tons of soybeans but imported over 105 million metric tons to meet demand.

China’s Xi Jinping, who was the focal point at the annual Pacific Rim leaders’ meeting in South Korea on Friday, is likely to meet with his Canadian, Japanese and Thai leaders after achieving a tentative trade agreement with President Donald Trump, according to Reuters.

US Treasury Secretary Scott Bessent stated on Thursday, after President Donald Trump met with Chinese President Xi Jinping, that the US and China could finalise a trade agreement as early as next week. Bessent told Fox Business Network, “The Kuala Lumpur agreement was finished in the middle of the night last night, so I expect we will exchange signatures possibly as soon as next week.”

American farmers appreciated China’s commitment to purchase some of their soybeans but warned that it won’t resolve all their issues, as they still face rising costs for fertilizer, tractors, repair parts, and seeds, according to AP. “This is a very good thing. I’m very grateful,” said Iowa farmer Robb Ewoldt, who is a director with the United Soybean Board. “I don’t want to sound like a ungrateful farmer, but it doesn’t cure everything in the short term,” Robb added.

Chinese state media hailed the meeting as a win for Xi’s policies, with Xinhua quoting him saying the country has the confidence and ability to handle any risks or challenges, Reuters reported.

The United States will move forward with an investigation that could pave the way for new tariffs on Chinese goods, despite a recent truce in trade tensions. US Trade Representative Jamieson Greer announced a probe last Friday into China’s compliance with the limited trade deal signed during President Donald Trump’s first term.

The investigation is still moving forward, Greer said.

American farmers welcomed China’s pledge to resume large-scale soybean purchases but cautioned it won’t fix their broader challenges, including soaring costs of fertilizer, equipment, and seeds. Beijing has promised to buy at least 25 million metric tons of soybeans annually for the next three years.

However, the 12 million tons expected before January is only about half the usual volume. “It’s a good thing, but it doesn’t cure everything,” said Iowa farmer Robb Ewoldt, while Missouri farmer Bryant Kagay called it “crazy” that farmers are celebrating just getting back to where they were before the trade war began.

1. The US will cut in half Trump's current 20 per cent tariff on Chinese goods related to supplies of fentanyl opioid precursor chemicals.
2. China will pause for one year the export controls on rare earth minerals and magnets.
3. US will pause for one year a Commerce Department blacklist of companies that are prohibited from purchasing US high technology goods, including semiconductor.
4. China will purchase 12 million metric tons of US soybeans.

Trade, Fentanyl tariff, rare earth minerals, US soybean exports, Ukraine war and Artificial intelligence technology were among key issues discussed between Trump and Xi during the bilateral meeting today in South Korea.

US treasury secretary, Scott Bessent, during an interview with Fox Business said that the US will “catch up” with China on nuclear energy, saying it was “all hands on deck” to meet the commitment.

China has agreed to purchase 25 million metric tons of US soybeans annually as part of an agreement reached by Trump and Xi Jinping during their meeting, US Treasury Secretary Scott Bessent said today

Chinese President Xi Jinping on October 30 diverged from US President Donald Trump's claim that China was not involved in brokering peace between Thailand and Cambodia, as per a PTI report.

Xi praised Trump's role in the middle-east saying he had “great contribution to the recent conclusion of the Gaza ceasefire agreement”, but added that Beijing helped the two Southeast Asian countries resolve their border dispute “in our own way”, South China Morning Post reported.

House Select Committee on China Chairman John Moolenaar, a leading Republican voice in Congress on October 30 objected to the idea of China buying Nvidia's Blackwell chips, according to a Reuters report.

Selling Nvidia's best AI chip to China “would be akin (to) giving Iran weapons grade uranium… we cannot sell the latest advanced AI chips to our country's primary adversary,” he said in a post on X.

The US and China are “close” to finalising a deal on video sharing social platform TikTok, with US Treasury Secretary Scott Bessent saying a deal has been approved by China, while Commerce Ministry said that China would “properly handle” TikTok-related issues with the US.

Oil dipped after the meeting between Trump and Xi Jinping concluded. Brent dropped toward $64 a barrel, while West Texas Intermediate was near $60.

Copper prices eased from the previous session’s record high after Trump and his Chinese counterpart Xi Jinping concluded the trade talks. Trump called the roughly 90-minute meeting with Xi “amazing,” and said that the US would halve fentanyl-related tariffs on Chinese goods.

Nvidia CEO Jensen Huang said he was confident Trump and Chinese president Xi Jinping had a good conversation during the meeting in South Korea, reported The Guardian.

As Trump flew back to Washington, he said on social media that Chinese president Xi Jinping had authorised the purchase of “massive amounts” of soybeans and other American agricultural products. “Our Farmers will be very happy!” Trump wrote.

Donald Trump and Xi Jinping's meeting marked the first in-person encounter between the two in six years, amid ongoing trade tensions. The meet concluded after a 100-minute discussion, reportedly lasting longer than scheduled

White House press secretary Karoline Leavitt said that Trump's meeting with Xi Jinping was “highly productive and positive.” After the meeting, Trump had declared that overall tariffs on Chinese goods would be slashed to 47% from 57% in exchange for Beijing resuming US soybean purchases, keeping rare earths exports flowing and cracking down on the illicit fentanyl trade.

Trump told reporters on Air Force One that he would be visiting China in April.

The US and China could sign a trade agreement as soon as next week, US Treasury secretary Scott Bessent said in an interview with Fox Business Network after Trump’s meeting with his Chinese counterpart Xi Jinping

Following his meeting with Xi, Trump said that overall tariffs on Chinese goods would be slashed to 47% from 57% in exchange for Beijing resuming US soybean purchases, keeping rare earths exports flowing and cracking down on the illicit fentanyl trade.

US Treasury secretary Scott Bessent, after Trump and Xi's meet, said the US would enact a one-year suspension of Entity List restrictions that make it harder for Chinese firms to use affiliates to buy off-limits technology.

Donald Trump is now headed to Washington following his meeting with Xi Jinping – which he described as ‘amazing’ and even rated it as a ‘12’ out of 10.

Trump said that American and Chinese officials would soon meet to discuss a potential “energy deal” between the two nations. "China... agreed that they will begin the process of purchasing American Energy," Trump announced on Truth Social after the meeting with Jinping.

Trump made no mention of TikTok following his meeting with Xi, despite earlier signals from the White House that they might finalise an agreement on the sale of the Chinese-owned app’s US operations.

Trump said he and Xi agreed to "work together" on the Ukraine issue. Xi is “going to help us, and we're going to work together on Ukraine." He, however, said, “Sometimes, you have to let them fight, I guess, not a lot we can do.”

Senate Democratic Leader Chuck Schumer criticised Trump, calling his Asia trip a “total dud,” alleging it was “almost treasonous.” The POTUS reacted to the same, claiming that his meeting with Xi was a “spectacular success.”

Xi Jinping and Donald Trump shook hands after the bilateral meeting in South Korea. Here's a glimpse

Trump said that a dispute between China and the United States had been "settled". China, however, did not provide an immediate comment on the meeting or any outcomes.

Following his meeting with Xi Jinping, Trump said that tariffs on China have been slashed to 47% from 57%— in exchange for Beijing resuming US soybean purchases, keeping rare earths exports flowing and cracking down on the illicit trade of fentanyl. Read here

Chinese shares pulled back from a decade high on Thursday as US President Donald Trump and Chinese President Xi Jinping concluded a high-stakes meeting in South Korea.

The benchmark Shanghai Composite Index hit its highest level since 2015 at the start of the session but closed down 0.73%, inching away from the 10-year high it has been around this week. Hong Kong's Hang Seng Index fell 0.2%, Reuters reported.

Chinese state media confirm that US President Trump will visit Beijing early next year.

Xi Jinping has reportedly told Donald Trump during key meeting in South Korea that trade talks should be ‘driver of TIES, not sources of conflict’.

There has been no mention of TikTok deal from either sides so far.

China's state media quoted Xi as saying that a 'consensus' was reached with Trump on trade issues.

Trump has reduced fentanyl tariffs on China from 20 percent to 10 percent.

The contentious Taiwan issue "never came up. That was not discussed actually," Trump said on Air Force One after meeting Xi in South Korea.

US President Donald Trump said on Thursday he had agreed to reduce tariffs on China to 47% in exchange for China resuming US soybean purchases, keeping rare earths exports flowing and cracking down on the illicit trade of fentanyl.

AFP quoted US President Trump as announcing five key decisions takesn after Xi meeting. They were:

1. Trump agrees to cut fentanyl-related tariffs on China to 10%
2. Trump says US, China to 'work together' on Ukraine war
3. Trump says "large amounts" of soybeans will be purchased immediately
4. Trump says did not discuss Taiwan with Xi
5. Trump says China rare earths deal is one year, extendable

Air Force One departed from Busan, South Korea, around 1:15 pm local time (12:15 am ET), marking the end of his three-country Asia tour. Trump is scheduled to arrive back at the White House at 3:05 pm ET.

Trump is on his way back home as he ended his long Asia trip. He boarded Air Force One. “This week, Trump ”secured billions in new investment, ended a war, inked multiple trade/minerals deals, met with President Xi, and more. He never stops working for US," Rapid Response team posted on X.

The meeting between US President Donald Trump and Xi Jinping lasted for about 1 hours 40 minutes. The meeting had begun around 7:30 am (IST) on Thursday.