Trump and Xi hold successful talks in Busan, push to end trade war

Chinese President Xi Jinping and US President Donald Trump held a high-level meeting on Thursday in Busan, South Korea, on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, in a renewed effort to resolve longstanding US-China trade tensions.

Following the meeting between the two heads of state, Trump spoke to reporters aboard Air Force One about the talks and called the meeting a “great success,” adding that he will be visiting China early next year.

“I’ll be going to China in April and he’ll be coming here sometime after that, whether it’s in Florida, Palm Beach, or Washington, DC,” Trump told reporters. “A lot of things we brought to finalisation,” Trump added, praising Xi as a “tremendous leader of a very powerful country.”

The meeting marked the first direct encounter between the two leaders since 2019, when they last met during the G20 summit in Osaka, Japan. This round of talks took place at Gimhae Air Base, near Busan’s international airport.

Road open for trade deals

According to a Reuters report, Xi stated that the two countries’ trade teams had reached a “basic consensus,” indicating forward movement in the negotiations.

Chinese media also reported that the closed-door session lasted approximately one hour and 40 minutes, with both leaders reaffirming the importance of continued dialogue. 

The US president revealed to reporters following the meeting that he and Xi removed “roadblocks” on rare earth deals, stating, “All the rare earths have been settled, and that’s for the world,” further adding that the agreement was for one year and will be renegotiated annually.

“There’s no roadblock at all on rare earth — that will hopefully disappear from our vocabulary for a little while,” Trump said.

This follows the deals Trump inked in Japan that outline a framework for both Washington and Tokyo to collaborate on mining, processing, and investing in rare earths and critical materials.

Regarding the deals spoken about between Beijing and Washington, China’s president stated that the two parties should regroup to polish up the items discussed.

It was also revealed to reporters that China agreed to buy a “tremendous amount” of soybeans and other farming products from the US.

“We’re in agreement on so many elements… tremendous amounts of soybeans and other farm products are going to be purchased immediately,” Trump told reporters.

Alongside trade deals, the US president stated that he agreed to nix fentanyl-related tariffs on China to 10%, stating that a dispute between Beijing and Washington has been settled.

“Both teams should refine and finalize follow-up work as soon as possible, maintain and implement the consensus, and provide tangible results to set minds at ease about the economies of China, the United States, and the world,” Xi said.

Xi: China and US should be partners, not rivals

During the meeting, Xi Jinping emphasized the importance of cooperation over confrontation, saying “Despite our differences, China and the United States should strive to be partners and friends,” he said, expressing readiness to work on building a stable foundation for bilateral ties and to support peace talks on pressing global issues.

He also praised Trump’s role in contributing to the recent ceasefire in Gaza, calling it a positive gesture in regional diplomacy.

Trump described Xi as a “strong negotiator” and said both sides had already agreed on many points. His comments suggested the potential to revive economic cooperation following years of trade restrictions and political strain.

Xi and Trump to boost global diplomatic teamwork

Trump further stated to reporters that he and Xi agreed to collaborate on the Ukraine issue towards bringing an end to the ongoing war with Russia.

“Ukraine came up very strongly. We talked about it for a long time, and we’re both going to work together to see if we can get something,” he told reporters, adding that Xi is “going to help us, and we’re going to work together on Ukraine.”

He also revealed that the Taiwan issue was not discussed during the meeting with Xi.