In a significant meeting on the sidelines of the APEC summit in Busan, South Korea, Chinese President Xi Jinping told U.S. President Donald Trump that friction between the world’s leading economies is to be expected. Xi highlighted that differing national circumstances mean complete alignment isn’t always possible, but stressed the importance of maintaining stable U.S.-China relations. This encounter aimed to address the ongoing trade tensions that have characterized recent bilateral interactions.
Xi conveyed that he and President Trump have stayed in close contact since Trump’s reelection, fostering overall stability in their relationship. He also shared optimism regarding the trade negotiations, stating that Chinese and U.S. trade representatives have reached a basic agreement on key points. This development signals a potential breakthrough in resolving the protracted trade dispute.
President Trump described the meeting as potentially very successful, acknowledging Xi’s toughness as a negotiator while emphasizing their strong rapport and understanding. He hinted at the possibility of an immediate trade deal. A framework agreement was anticipated, possibly involving China ceasing its rare earths licensing for a period and increasing soybean imports, while the U.S. would consider tariff reductions on Chinese products. The U.S. also indicated openness to discussing specific technological exports and lifting certain trade probes, indicating a move towards easing economic restrictions.