U.S. and Chinese leaders are expected to sign a trade deal in their first meeting since 2019.
Published October 29, 2025
Gyeongju, South Korea – U.S. President Donald Trump says he expects to reach a “big deal” with China during a high-stakes meeting with Chinese President Xi Jinping.
In a wide-ranging, rambling speech delivered on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit on Wednesday, President Trump said the anticipated trade deal would be good for both countries and would be “very exciting for everyone.”
Recommended stories
list of 4 itemsend of list
“It’s a really great result. It’s better than fighting and going through all kinds of problems,” President Trump said in a speech at a business luncheon held on the sidelines of the APEC meeting in Gyeongju.
“There’s no reason for that.”
President Trump is scheduled to meet with President Xi on Thursday in the coastal city of Busan, about 85 kilometers south of Gyeongju, marking their first face-to-face meeting since the U.S. president launched his second trade war with China.
Trump, who is on the final leg of his six-day Asia tour after stopping in Malaysia and Japan, last met with Xi on the sidelines of the Group of 20 (G20) summit in Osaka, Japan, in 2019.
Trump did not provide details of the expected agreement.
But President Trump, speaking on Air Force One on his way to South Korea early Wednesday, said he hoped the deal would resolve “many issues” and include lower tariffs on Chinese goods in exchange for Beijing taking steps to curb fentanyl production.
President Trump has imposed 20% tariffs on Chinese products because the Chinese government has not cracked down on the distribution of chemicals used to make deadly opioids.
U.S. officials have previously indicated that a deal would likely include a postponement of China’s planned export restrictions on rare earth minerals, 100% additional U.S. tariffs on Chinese goods, and a commitment by Beijing to buy more U.S. agricultural products.
In his lunch address, President Trump also said he intended to finalize a trade deal with South Korea “soon.”
Close treaty allies South Korea and the United States are struggling to finalize a trade deal due to disagreements over the details of a $350 billion investment package that South Korea has promised in exchange for tariff cuts.
President Trump also welcomed the South Korean-led expansion of Hanwha Philly’s shipyard in Philadelphia, Pennsylvania.
South Korean shipbuilder Hanwha Ocean announced in August that it would spend $70 million to expand a shipyard it acquired last year.
“This will be one of the most successful shipyards anywhere in the world,” President Trump said.
