Trump to meet China’s Xi for the first time in second term as trade deal remains elusive

US President Donald Trump will meet Chinese President Xi Jinping next week as part of his trip to Asia, as the world’s two largest economies seek to ease tensions in search of a trade deal that remains elusive so far.

White House Press Secretary Carolyn Leavitt He told reporters Thursday Trump will meet with his Chinese counterpart on October 30 on the sidelines of the Asia-Pacific Economic Cooperation Summit, or APEC.

“I think we’ll come out very well and everyone will be very happy,” Trump said later Thursday. His critical meeting With something.

South Korea’s presidential security advisor, Wei Sung Lak, on Thursday confirmed the official visits made by Trump and Xi during the APEC summit, although China did not issue an official statement on this.

This will be the first personal meeting between the two heads of state since Trump returned to office in January. The leaders, who have held at least two phone calls this year, were last I met in 2019 During Trump’s first presidential term.

The high-stakes meeting comes as the delicate trade detente between the major economic powers is set to expire on November 10 if they fail to agree on a further extension. Trump also set November 1 as the deadline for imposing the additional 100% tariffs announced earlier this month.

The trade truce has been threatened in recent weeks by a new wave of restrictive measures, ranging from hefty port duties on the other side’s ships, to expanding export controls on technology and rare earth minerals.

A conflict also broke out between the two economic powers Outstanding issues including definitions, Agricultural procurementfentanyl flows, and Geopolitical hotspots such as Taiwan.

“This will be a high-risk, high-reward meeting for leaders,” said Han Xinlin, China director for global consulting firm The Asia Group. He added that “both sides will try to hit the reset button” on the relationship rocked by the latest round of mutual restrictions, while avoiding “any major major concession.”

Han said the two countries may agree to resume ongoing trade talks, rather than reaching a comprehensive trade agreement, stressing that deeper structural disputes have not been resolved and “may never be resolved.”

Trump told reporters aboard Air Force One on Sunday that rare earth elements, fentanyl, soybeans and Taiwan are among the elements the United States possesses. The most important issues for discussion With China. A senior Taiwanese foreign affairs official She said on Tuesday that Taipei is in close contact With Washington, we will closely monitor the Trump-Xi meeting.

At a press conference on China’s economic development plan on Friday, Commerce Minister Wang Wentao stressed that the United States and China can still find ways to talk and work together, rather than sliding toward separation.

The Chinese Foreign Ministry and the Chinese Embassy in the United States did not immediately respond to a request to confirm Xi’s visit to South Korea.

Chinese The Ministry of Commerce said on Thursday He said a delegation led by Chinese Vice Premier He Feng, who is also the country’s chief trade negotiator, will meet with US Treasury Secretary Scott Besent in Malaysia this week to discuss trade and economic issues.

Beijing in early October expanded significantly Restrictions on rare earth exports Metals and related technologies, Trump responded with threats of attack 100% surcharge On Chinese goods. Besant criticized China’s move as an attempt to weaken the global economy and the desire to do so “Drag everyone down with them.”

The Trump administration is also considering limiting exports of large amounts of… Products built with US software To China, and It is said The United States intends to conduct a trade investigation into China’s failure to adhere to the terms of the trade agreement signed during Trump’s first term.

The New York Times reported on Thursday that the investigation could be announced on Friday. Pave the way More tariffs on Chinese goods.

Earlier this month, the US President raised the possibility of canceling his meeting with Xi amid anger over Beijing’s expanded export controls on rare earth minerals. But in recent days, Trump has softened his tone, praising his “great relationship” with Xi and saying he expects the talks to reach a “good deal” on trade.

The president said Wednesday that he has ““Long meeting” scheduled with Xi During his upcoming trip to South Korea, where he is expected to do so Reach an agreement with Chinese leader on soybean purchases and nuclear weapons restrictions.

Facing sweeping US technological constraints in recent years, China has pledged to deepen its self-reliance on technology over the next five years, the ruling Communist Party said in a new economic plan released on Thursday.

At the news conference on Friday, Chinese leaders pointed to complex external challenges, underscoring Beijing’s drive to reduce dependence on the United States while boosting its technological ambitions.

While both sides retain significant leverage, Beijing appears “more willing to walk away from a deal that does not meet its objectives,” while Trump may want to avoid imposing the threat of 100% tariffs, said Gabriel Wildau, managing director of consultancy Teneo.

Despite the recent escalation, the upcoming Trump-Xi meeting will be key to restoring “a measure of calm in bilateral relations” and pave the way for a final negotiating push toward a trade agreement in early 2026, Wildau added.

Trump is scheduled to travel to Tokyo on October 27 for a meeting with Sanae Takaishi, Japan’s new prime minister, before heading to South Korea.

— CNBC’s Evelyn Cheng contributed to this report.