On Wednesday in South Korea, United States President Donald Trump stated that he hopes to emerge from a meeting with Chinese leader Xi Jinping with a trade agreement between Washington and Beijing. This is reported by UNN with reference to CBS News.
Details
I hope we make a deal. I think we will make a deal. I think it will be a beneficial deal for both. The world is watching, and I think we will have something very exciting for everyone.
Trump made these statements during a speech at the Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea, as part of a nearly week-long trip to Asia. Much of his trip has focused on cementing trade deals and strengthening economic ties with US partners in the region. The president signed trade and customs agreements with Japan, Malaysia, and several other countries, and later that day he held talks with South Korean officials.
But the meeting with Xi in South Korea on Thursday is one of the most anticipated parts of the trip. The session could be tense, as China and the US have been at odds over trade issues for several months.
The US president is pressing Xi to ease a series of tough export restrictions on rare earth elements, which are vital for everything from computer chips to aerospace, threatening 100% tariffs on Chinese goods starting Saturday if Beijing does not continue its policy. Treasury Secretary Scott Bessent said on Sunday that additional 100% tariffs, which would raise the total US rate to 140%, were "effectively off the table" after a two-day meeting with the Chinese negotiator.
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The trade war has also led China to halt purchases of American soybeans, hurting American farmers, although Bessent said on Sunday he expects the soybean boycott to end. And Trump needs China's approval for a deal to transfer TikTok's US operations from its Beijing-based parent company ByteDance.
Donald Trump earlier this week predicted that the two leaders would reach an agreement by the end of his visit, saying he "has great respect for President Xi" and "I think we'll make a deal."
Nicholas Burns, the US ambassador to China during Joe Biden's tenure, told CBS News chief White House correspondent Nancy Cordes that Wednesday's meeting is "very important," calling the trade war a "test of wills" between the world's two largest economies.
China is the most important competitor, adversary of the United States globally right now. And it will be in the future. So the stakes are high because we have many issues where we compete with China.
Addition
The Donald Trump administration plans to sign an agreement with South Korea aimed at strengthening cooperation in artificial intelligence, quantum computing, and 6G technologies. The signing will take place on Wednesday with the participation of Michael Kratsios, Director of the White House Office of Science and Technology Policy.