Trump and Xi Signal Momentum Toward Trade Truce in Busan

Overview

• The leaders met at Gimhae Air Base in Busan during the APEC period, marking their first encounter since Trump’s return to office.
• Trump said an agreement could be signed at the talks and described Xi as “a very tough negotiator,” while Xi urged a cooperative tone.
• U.S. Treasury Secretary Scott Bessent said negotiators expect China to delay rare‑earth export restrictions for a year and resume purchases of U.S. soy as part of a substantial framework.
• Trump signaled possible U.S. tariff reductions tied to Chinese steps to curb fentanyl precursor chemicals, with separate discussions touching on TikTok’s U.S. status.
• Markets priced in de‑escalation as the yuan hit a near one‑year high and stocks set records, with Reuters reporting China’s first U.S. soy buys in months.