Chinese President Xi Jinping acknowledged that trade friction between the world’s two largest economies is a normal occurrence. During a high-stakes meeting with U.S. President Donald Trump in Busan, South Korea, on the sidelines of the APEC summit, Xi stated that differences in national conditions naturally lead to disagreements. Despite these, both leaders expressed a commitment to maintaining stable bilateral ties.
Xi emphasized the consistent communication between him and Trump since the latter’s reelection, highlighting phone calls and exchanges of letters. He noted that China-U.S. relations have, on the whole, remained stable under their joint guidance. The Chinese leader also indicated that trade teams from both nations have achieved a fundamental consensus on crucial issues, suggesting progress in resolving the ongoing trade dispute.
President Trump echoed the sentiment of a potentially successful meeting, characterizing Xi as a formidable negotiator. He expressed confidence in their strong relationship and mutual understanding, even suggesting the possibility of signing a trade deal imminently. The leaders were poised to finalize a trade agreement framework, which reportedly includes China pausing its rare earths licensing and resuming soybean purchases, in exchange for the U.S. reducing or eliminating tariffs on various Chinese goods. Discussions also touched upon potential tariff adjustments on fentanyl precursors and specific technologies, signaling a push towards de-escalation.