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

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

White House press secretary Karoline Leavitt he told reporters on Thursday It was stated that Trump will meet with his Chinese counterpart on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit on October 30.

Trump said later Thursday: “I think we’ll have a very good outcome and everyone will be very happy.” panicked meeting With Xi.

South Korean presidential security advisor Wi Sung-lac on Thursday confirmed Trump and Xi’s state visits during the APEC summit, but China has not made an official statement on the matter.

This will be the first face-to-face meeting between the two heads of state since Trump returned to office in January. The leaders, who had at least two phone calls this year, lastly We met in 2019 During Trump’s first term as president.

The high-stakes meeting comes as the sensitive trade deal between the economic superpowers approaches its Nov. 10 expiration unless another extension is agreed. Trump also set November 1 as the deadline for additional 100% tariffs announced earlier this month.

The trade truce has been threatened in recent weeks by a new wave of restrictive measures imposed on each other’s ships, including higher port fees and expanded export controls on technology and rare earth minerals.

The two economic powers have also sparred over persistent issues such as tariffs, agricultural purchases, fentanyl flows and geopolitical flashpoints such as Taiwan.

“This will be a high-risk, high-reward meeting of leaders,” said Han Shen Lin, China director at global consultancy The Asia Group. He added that “both sides will try to press the ‘reset’ button on a relationship shaken by the latest tit-for-tat restrictions” but would avoid “any major concessions”.

Han stated that the two countries may agree to continue ongoing trade talks instead of a comprehensive trade agreement, emphasizing that deeper structural disagreements have not been resolved and “may never be resolved.”

Rare earths, fentanyl, soybeans and Taiwan are among the U.S. products, Trump told reporters aboard Air Force One on Sunday. main topics to be discussed with China. A senior Taiwanese foreign affairs official He said Tuesday that Taipei was in close contact He will meet with Washington and will closely monitor the Trump-Xi meeting.

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

China’s Ministry of Foreign Affairs and the Chinese Embassy in the United States did not immediately respond to requests for confirmation of Xi’s visit to South Korea.

Chinese Ministry of Commerce announced on Thursday It was stated that a delegation led by Chinese Deputy Prime Minister He Lifeng, who is also the country’s chief trade negotiator, will meet with US Treasury Secretary Scott Bessent in Malaysia this week to discuss trade and economic issues.

Tensions between Washington and Beijing have reignited in recent weeks, with both sides trying to gain an advantage ahead of crucial negotiations.

But analysts said confirmation of the Trump-Xi meeting signaled an intention to ease tensions and get negotiations back on track.

Dan Wang, China director at political consultancy Eurasia Group, said the fact that the meeting was going to take place showed that China would commit to making certain concessions such as agricultural purchases or investment in America and prioritize rare earth approval for the United States, while Washington may consider loosening technology restrictions on China.

The Trump administration is also considering limiting exports of large quantities of products. Products built with American software to China and reportedly He plans to launch a trade investigation into China’s failure to honor terms of the trade agreement signed during Trump’s first term.

The New York Times reported Thursday that the investigation could be announced Friday. pave the road To impose more tariffs on Chinese goods.

Earlier this month, the US president raised the possibility of canceling his meeting with Xi over anger over Beijing’s expansion of export controls on rare earth minerals. But in recent days, Trump has toned down his rhetoric, citing a “great relationship” with Xi and saying he expects the talks to lead to a “good deal” on trade.

The president said Wednesday he is planning a “lengthy” meeting with Xi during his trip to South Korea, where he hopes to reach an agreement with the Chinese leader on soybean purchases and limiting nuclear weapons.

China, which has faced sweeping U.S. technology restrictions in recent years, has pledged to deepen its reliance on technology over the next five years, the ruling Communist Party said in its new economic plan published Thursday.

At a news conference Friday, Chinese leaders highlighted complex external challenges, underscoring Beijing’s push to reduce its dependence on the United States while advancing its own technological ambitions.

Gabriel Wildau, managing director of consultancy Teneo, said that while both sides have significant influence, Beijing appears “more willing to walk away from a deal that doesn’t meet its objectives,” while Trump may want to avoid implementing the threat of 100% tariffs.

Wildau added that despite the recent escalation, the upcoming Trump-Xi meeting will be key to ensuring “some calm in bilateral relations” and set the stage for a final negotiating push towards a trade deal in early 2026.

Trump is scheduled to travel to Tokyo on October 27 to meet with Japan’s new prime minister, Sanae Takaichi, before traveling to South Korea.

— CNBC’s Evelyn Cheng contributed to this report.