Trump-Xi Meeting Concludes, What Does It Mean for the Trade War?
The meeting between US President Donald Trump and Chinese President Xi Jinping concluded after about 90 minutes of talks, aimed at defusing tensions in the trade war that has roiled global markets. The two leaders were seen shaking hands before walking together out of the meeting, which took place at Busan Airport, South Korea, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. Trump declared the meeting a success, while Xi expressed China's readiness to continue working with the United States.
In talks expected to produce a trade deal, Trump and Xi focused on the details of a framework agreement negotiated in Malaysia. The agreement includes the reduction of some US tariffs, the temporary suspension of restrictions on Chinese rare earth permits, increased soybean purchases, and progress on countering the fentanyl trade. Trump stated, "I think we've agreed on a lot, and we're going to agree on a lot more now."
Xi also spoke positively about bilateral relations, stating that while the two countries often have disagreements, that is normal for the world's two largest economies. Xi emphasized the importance of maintaining the right direction in China-US relations to ensure their stability. Xi added, "I'm very happy to see you again" and committed to continuing to work with Trump to build a more solid relationship.
While several agreements were reached, some details of these agreements were only revealed days after the meeting. One key part of the agreement was the granting of tariff relief to China, which will help the country remain competitive in the international market, particularly against regional manufacturing competitors.
Most of the parties involved in this meeting had previously participated in similar negotiations. On the US side, several high-ranking officials were present, including US Trade Representative Jamieson Greer, Secretary of Commerce Howard Lutnick, and Treasury Secretary Scott Bessent. Meanwhile, on the Chinese side, several senior officials, including Vice Premier He Lifeng and Foreign Minister Wang Yi, were also present to discuss the meeting's outcomes. (asd)
Source: Bloomberg
