Trump Expresses Optimism for Trade Deal with China During Asia Trip
President Trump stated today he anticipates reaching a trade agreement with Chinese President Xi Jinping during their meeting in South Korea, amid ongoing trade tensions and threatened tariffs.
Speaking at the Asia Pacific Economic Cooperation summit in Gyeongju, South Korea, President Trump expressed confidence in a positive outcome. “We’re going to be, I hope, making a deal. I think we’re going to have a deal. I think it will be a good deal for both,” he said. The meeting comes as the U.S. has been pressing China to ease export restrictions on rare earth elements – vital components in numerous technologies – and threatening a 100% tariff on Chinese goods starting Saturday. These trade disputes have significant implications for the global supply chain and economic stability.
Treasury Secretary Scott Bessent indicated Sunday that the proposed additional tariffs were “effectively off the table” following recent negotiations, while also expressing expectations for an end to China’s boycott of U.S. soybeans. The president also needs China’s approval for a potential deal regarding the U.S. operations of TikTok, owned by ByteDance. Beyond China, President Trump has been actively pursuing trade agreements throughout Asia, recently signing deals with Japan and Malaysia, and working towards a framework agreement with South Korea, which involves reciprocal tariffs and investment. You can learn more about the impact of tariffs on international trade from the World Trade Organization.
Nicholas Burns, a former U.S. ambassador to China, described the meeting as “very important,” characterizing the trade war as a “test of wills” between the world’s two largest economies. The president is also scheduled to meet with Nvidia CEO Jensen Huang during the trip to discuss market access in China and a partnership with the Department of Energy. For more on the APEC summit, see the official APEC website.
Officials stated that further discussions are expected to continue throughout the week, with the goal of finalizing details and announcing a comprehensive agreement.
