Trump to meet China's Xi for the first time in second term as trade deal remains elusive

Key Points

• U.S. President Donald Trump will meet Chinese President Xi Jinping this week as part of a trip to Asia, the White House said last Thursday.
• The confirmation of a Trump-Xi meeting signaled an intent to de-escalate tensions and put negotiations back on track, analysts said.
• "This will be a high-risk, high-reward leaders' meeting" as both sides try to hit the 'reset' button" for the relationship, said Han Shen Lin, China director of global consultancy firm The Asia Group.

U.S. President Donald Trump will meet Chinese President Xi Jinping this week as part of his trip to Asia, as the world's top two economies seek to dial down tensions in search of a trade deal that has so far been elusive.

White House press secretary Karoline Leavitt told reporters last Thursday that Trump will meet his Chinese counterpart on Oct. 30 on the sidelines of the Asia-Pacific Economic Cooperation, or APEC, Summit.

"I think we are going to come out very well and everyone's going to be very happy," Trump said on Oct. 23 about his planned meeting with Xi.

South Korean presidential security advisor Wi Sung-lac confirmed on Oct. 23 the state visits by Trump and Xi during the APEC summit, although China has not officially made a statement about it.

It will be the first in-person meeting between the two heads of state since Trump returned to the office in January. The leaders, who have had at least two phone calls this year, last met in 2019 during Trump's first presidential term.

The high-stakes meeting comes as a delicate trade detente between the economic superpowers nears its expiration on Nov. 10 if they fail to agree on another extension. Trump has also set Nov. 1 as the deadline for the additional 100% tariffs announced earlier this month.

The trade truce has been threatened in recent weeks by a fresh wave of restrictive measures, ranging from hefty port fees on each other's vessels, expanded export controls on technology and rare earth minerals.

The two economic powers have also tussled over lingering issues including tariffs, agricultural purchases, fentanyl flows, and geopolitical flashpoints such as Taiwan.

"This will be a high-risk, high-reward leaders' meeting," said Han Shen Lin, China director of global consultancy firm The Asia Group. "Both sides will try to hit the 'reset' button" for a relationship rattled by the latest round of tit-for-tat restrictions, he added, while avoiding "any big headline concession."

The two countries may agree to resume the ongoing trade talks, rather than a sweeping trade deal, Han said, stressing that deeper structural disputes have not been resolved and "may never be."

Trump told reporters on Air Force One on Oct. 19 that rare earths, fentanyl, soybeans and Taiwan were among U.S.′ top issues for discussion with China. A senior Taiwanese foreign affairs official said Oct. 21 that Taipei is in close contact with Washington and will monitor closely the Trump-Xi meeting.

In a press briefing on China's economic development plan on Oct. 24, Commerce Minister Wang Wentao stressed that the U.S. and China could still find ways to talk and work together, rather than slide toward decoupling.

China's Ministry of Foreign Affairs and the Chinese Embassy in the U.S. did not immediately respond to a request for confirmation on Xi's trip to South Korea.

The Chinese Commerce Ministry said Oct. 23 that a delegation led by Chinese Vice Premier He Lifeng, also the country's top trade negotiator, will meet U.S. Treasury Secretary Scott Bessent in Malaysia this week to discuss trade and economic issues.

De-escalation in sight?

Tensions between Washington and Beijing have flared up again in recent weeks, with both sides seeking to amass leverage ahead of critical negotiations.

Yet the confirmation of a Trump-Xi meeting signals an intent to de-escalate tensions and put negotiations back on track, analysts said.

The fact that the meeting will happen suggests China will commit to making certain concessions, such as agricultural purchase or investment in America, and prioritize rare earth approval for the U.S., said Dan Wang, China director at political consultancy Eurasia Group, while Washington could consider relaxing tech curbs on China.