President Donald Trump is scheduled to meet with Chinese President Xi Jinping on Thursday in Busan, South Korea, during the Asia-Pacific Economic Cooperation summit. This marks their first in-person meeting since 2019, amid escalating trade tensions between the two nations.
U.S. Treasury Secretary Scott Bessent announced that both countries have agreed on a “very positive” framework, aiming to extend a trade truce set to expire on November 10. Key issues on the table include export controls, tariffs, fentanyl, and agricultural trade. Bessent expressed optimism about extending the truce, noting that the final decision rests with President Trump.
In preparation for the summit, President Trump has secured trade agreements with Malaysia, Cambodia, Thailand, and Vietnam, reducing tariffs on some Southeast Asian exports. He also oversaw a ceasefire agreement between Cambodia and Thailand and was subsequently nominated for the Nobel Peace Prize by the Cambodian Prime Minister.
The outcome of Thursday’s meeting could have significant implications for global markets and international relations. We’ll continue to monitor developments and provide updates as they become available.
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