Global markets are keenly awaiting a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea, hoping it will de-escalate a prolonged trade dispute that has rattled the world economy.
China’s Foreign Ministry confirmed the two leaders will meet in Busan on Thursday, October 30. Investors have closely watched for such a meeting, which could signal a breakthrough in trade relations.
Chinese Foreign Ministry spokesperson Guo Jiakun stated the two heads of state “will have in-depth strategic and long-term communication.” He did not directly mention any specific trade agreements.
Guo added that China is prepared to collaborate with the U.S. to ensure positive outcomes from the summit. This, he noted, would offer new direction for the stable development of China-U.S. relations.
Previously, President Trump indicated that he and President Xi would finalize “a good deal.” He made these remarks while aboard Air Force One, en route to South Korea.
This encounter marks their first face-to-face discussion since the Trump administration escalated trade tensions with widespread tariffs. Market anticipation has helped stabilize sentiment in recent months.
The broad confrontation between the U.S. and China extends beyond tariffs. It also includes disputes over fentanyl smuggling, advanced technology chips, rare earth minerals, and agricultural exports.
In a potentially positive sign ahead of the talks, a trade source reported that China’s state-owned COFCO purchased three shiploads of U.S. soybeans. This marks the first significant purchase of U.S. soybeans from this year’s harvest.
Analysts view the COFCO order as a constructive gesture ahead of the high-stakes negotiations.
President Xi Jinping is in South Korea from Thursday to Saturday to attend the Asia-Pacific Economic Cooperation (APEC) meeting and for an official state visit. President Trump will not be participating in the regional APEC summit.