As anticipation builds ahead of a pivotal U.S.-China meeting, former U.S. President Donald Trump has declared that he expects to seal a “great deal” with Chinese President Xi Jinping—one that could reshape trade relations between the world’s two largest economies.
Speaking at a business luncheon on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, Trump described the expected deal as “something very exciting for everybody,” emphasizing that resolving tensions would be far better than “fighting and going through all sorts of problems.”
The comments come as Trump prepares for his first face-to-face meeting with Xi since launching his second trade war against Beijing. The meeting, scheduled for Thursday in Busan, is expected to focus on tariff reductions, fentanyl production control, and rare earth mineral exports—issues central to the strained U.S.-China relationship.
Trade Tensions, Tariffs, and the Fentanyl Factor
During his remarks aboard Air Force One earlier in the day, Trump hinted that the agreement could address “a lot of problems,” including tariffs and drug enforcement. He said Washington was seeking commitments from Beijing to curb the production of fentanyl precursors, a synthetic opioid driving an addiction crisis in the U.S.
Currently, Chinese goods face a 20 percent tariff imposed under Trump’s administration. The potential deal could see those duties lowered in exchange for China implementing stricter controls on chemical exports used in illicit drug manufacturing.
U.S. officials have suggested that the agreement might also include delaying new export controls from China on rare earth minerals—materials critical for electronics and defense industries—and removing plans for an additional 100 percent tariff on Chinese imports. In return, Beijing is expected to pledge increased purchases of U.S. agricultural goods.
“This could be a real turning point,” said Mark Ellison, a trade analyst at the Peterson Institute for International Economics. “Both sides are seeking economic breathing room after years of friction and slow recovery.”
Beijing’s Measured Optimism
China’s Ministry of Foreign Affairs confirmed that Xi would meet Trump, noting that the leaders would engage in “in-depth communication on strategic, long-term issues.”
“We are willing to work with the U.S. side to strive for positive outcomes at this meeting,” said spokesperson Guo Jiakun. “Our goal is to provide new direction and momentum for the stable development of China-U.S. relations.”
Analysts in Beijing view this meeting as a calculated step toward easing bilateral tensions, especially as both economies face internal challenges—China with slowing growth, and the U.S. with inflation and manufacturing headwinds.
South Korea Deal Near Completion
Trump also revealed progress on another front: trade relations with South Korea. He told reporters that a new U.S.-South Korea trade agreement was “pretty much finalized,” following months of negotiation over Seoul’s $350 billion investment package.
Earlier in the week, Trump praised the Korean-led expansion of the Hanwha Philly Shipyard in Pennsylvania—a $70 million project that he called “one of the most successful yards anywhere in the world.”
Seoul’s economic cooperation has been a key pillar of Trump’s Asia strategy, signaling his intent to strengthen ties with allies while rebalancing trade power dynamics across the region.
A Pivotal Test for U.S.-China Relations
For Trump and Xi, the upcoming Busan meeting represents more than a trade discussion—it’s a test of whether two global powers can reset relations after years of confrontation and economic strain.
Diplomatic observers suggest that even a limited agreement could stabilize markets and restore confidence among global investors. But failure to reach common ground could reignite the trade tensions that once rattled global supply chains.
As the APEC summit unfolds, the world watches closely. Whether this encounter marks a new beginning or another chapter in the U.S.-China rivalry will depend on what both leaders bring to the table—and what they are willing to compromise.
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