During a high-profile meeting with U.S. President Donald Trump in Busan, South Korea, Chinese President Xi Jinping characterized trade friction between the two leading global economies as a normal phenomenon. Xi explained that differing national circumstances inevitably lead to divergent viewpoints, yet he affirmed the importance of maintaining stable China-U.S. relations. The meeting occurred amidst the Asia Pacific Economic Cooperation summit, providing a platform for dialogue on critical bilateral issues.
Xi highlighted his continuous communication with President Trump since the latter’s reelection, stating that this engagement has ensured the overall stability of their relationship. He also revealed positive developments in the trade talks, indicating that negotiators from both China and the U.S. have arrived at a basic consensus on several key issues. This statement suggests a significant step forward in addressing the ongoing trade war.
President Trump expressed optimism about the meeting’s potential for success, acknowledging Xi’s formidable negotiation prowess while emphasizing their strong personal relationship and understanding. He even hinted at the possibility of reaching an agreement on the spot. A key focus was the potential finalization of a trade framework. Under this proposal, China would likely suspend its rare earths licensing regime and resume significant purchases of U.S. soybeans. In return, the U.S. would consider reducing or removing tariffs on specific Chinese products. The conversation also touched upon U.S. tariffs on fentanyl precursors and easing export controls on certain technologies, indicating a broader effort to de-escalate economic tensions.