Overview
- Trump and Xi are set to meet in Busan on the APEC sidelines after U.S. and Chinese negotiators reported a preliminary trade understanding reached in Kuala Lumpur.
- Talks with Beijing are expected to cover tariff rollbacks, a path for TikTok to continue operating in the U.S., and curbs on exports of fentanyl precursors.
- In Tokyo, Trump and Prime Minister Sanae Takaichi signed a cooperation deal on critical minerals and rare earths and reaffirmed a July framework that includes roughly $550 billion in Japanese investment.
- Takaichi signaled an earlier move to raise defense spending to 2% of GDP with expanded purchases of U.S. arms, deepening security alignment alongside supply-chain cooperation.
- In South Korea, negotiations over Trump’s push for $350 billion in U.S. investment remain unresolved as Seoul favors loans and guarantees over cash, while Trump confirmed a short extension of planned tariffs on Mexico after speaking with President Claudia Sheinbaum.