BUSAN, South Korea — President Trump and Chinese President Xi Jinping met at their first summit since Xi returned to power, with Trump expressing optimism about reaching a mutual understanding and easing tensions.
Xi greeted Trump warmly, saying, “Great pleasure to see you again,” through an interpreter as they shook hands in a brief photo op.
Trump acknowledged Xi as a tough negotiator but expressed confidence in a successful meeting. He mentioned their familiarity with each other, stating, “We know each other well.”
Trump indicated the possibility of a trade deal, stating, “Could be. I think we have a great understanding. We have a great relationship. We’ve always had a great relationship.”
US and Chinese negotiators had outlined a framework understanding before the meeting.
Trump announced his intention to reduce the 20% fentanyl tariffs on China and suggested he may not implement the threatened 100% additional tariff due to Beijing’s new export restrictions on products containing rare-earth and critical minerals.
China is expected to halt the export restrictions for a year and commit to cracking down on the smuggling of fentanyl, a synthetic opioid that has caused significant harm in the US.
Additionally, China is likely to agree to resume purchasing US soybeans after imposing heavy tariffs in response to the fentanyl levies imposed by Trump in February.
