Busan: US President Donald Trump began a meeting with Chinese President Xi Jinping at an air base in South Korea on Thursday, aiming to negotiate a truce in the ongoing trade war between the world’s two largest economies.
According to Thai News Agency, the talks in the southern South Korean port city of Busan marked Trump’s first face-to-face meeting with Xi since 2019. This meeting is the final leg of Trump’s tour of Asia, during which he announced multiple trade breakthroughs with countries like South Korea, Japan, and other Southeast Asian nations.
During the meeting, Trump expressed optimism about reaching a trade deal, stating that an agreement could be signed as soon as Thursday. Xi, appearing reserved, communicated through an interpreter that it is normal for leading global economies to have conflicts. He shared that trade negotiators from both countries had achieved a basic consensus on addressing core concerns and expressed willingness to work with Trump to strengthen China-U.S. relations.
In anticipation of eased trade tensions, China’s yuan climbed to nearly a one-year high against the dollar. This development has positively influenced global stock markets, with record highs reported from Wall Street to Tokyo.
Trump has raised the possibility of a trade agreement during his meeting with Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. However, the sustainability of any trade deals remains uncertain as both nations continue to adopt aggressive stances on economic and geopolitical issues.
The trade conflict saw renewed tensions this month when Beijing proposed expanding export restrictions on rare-earth minerals, essential for high-tech industries where China has a significant advantage. In response, Trump announced potential retaliatory measures, including imposing 100% tariffs on Chinese exports and possibly limiting U.S. software exports to China, actions that could have global economic repercussions.
The White House has indicated that the summit may be the first of several meetings between Trump and Xi next year, potentially including mutual visits by the two leaders.