Trump expects ‘great' trade deal with Xi during South Korea meeting
US President Donald Trump on Wednesday expressed optimism about reaching what he described as a “great” trade deal with Chinese President Xi Jinping during their upcoming meeting in South Korea, amid growing anticipation over the future of US-China economic relations.
“I think we’re going to have a deal — a good one for both sides. That’s better than fighting and going through unnecessary problems,” Trump told business leaders while addressing the Asia-Pacific Economic Cooperation (APEC) summit in Seoul. “The world is watching closely, and I think it’s going to be a great result for both countries.”
The face-to-face meeting between Trump and Xi comes after months of diplomatic negotiations and shifting trade tensions between Washington and Beijing. Treasury Secretary Scott Bessent confirmed earlier this week that both sides had agreed on a “very substantial framework” ahead of the summit, raising hopes for progress on key economic and security issues.
Speaking to reporters aboard Air Force One before landing in South Korea, Trump said that China had agreed to cooperate with Washington in cracking down on the illegal export of fentanyl — a deadly synthetic opioid largely linked to overdose deaths in the US. In return, Trump suggested that he would consider easing some of the tariffs imposed on China over the issue.
“I expect to reduce those tariffs because I believe they’re going to help us with the fentanyl problem,” he said.
The US president also confirmed that trade discussions would include American agricultural exports and China’s control over rare earth minerals — crucial materials used in electronics, defense, and green technologies. Beijing’s recent decision to tighten export controls on rare earths has intensified global concerns about supply chain disruptions.
Earlier this month, China expanded its export restrictions to include advanced processing and manufacturing technologies related to rare earths, prohibiting foreign cooperation without prior government approval. The move prompted Trump to threaten additional tariffs and restrictions on US software exports by November 1.
China currently dominates the global rare earth market, producing more than 90 percent of the world’s supply. Analysts say the Trump-Xi meeting could serve as a turning point in reshaping trade dynamics between the two largest economies and determining how they balance competition with cooperation in the months ahead.
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