Following their meeting on 30 October 2025, President Trump announced that tariffs on Chinese goods would be reduced from 57 per cent to 47 per cent. Treasury Secretary Scott Bessent confirmed that a framework agreement was reached that included a "deferral" on China's export controls for rare earth minerals.

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As part of the trade truce framework, China committed to resuming "substantial" purchases of US soybeans for several years, a concession welcomed by American farmers hard hit by the trade war. China's promise to increase its agricultural imports was a key goal for the US delegation at the meeting.

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US President Donald Trump and Chinese President Xi Jinping met in Busan on the sidelines of the APEC Summit, marking their first in-person talks since 2019. The high-stakes meeting was aimed at securing a truce in the trade war that has unsettled global markets and supply chains. Trump suggested a successful meeting and expressed optimism.

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President Trump is meeting with President Xi Jinping on the sidelines of the APEC summit in South Korea primarily to address the escalating trade tensions between the US and China.

Reasons for the Meeting:

• De-escalating the Trade War: The core objective is to reach a trade truce or an initial framework deal to prevent further tariff escalations, especially following recent threats of high tariffs and China's new export controls on rare earth elements.

• Negotiating Key Issues: The agenda centres on a potential deal where the US would reduce tariffs (particularly those linked to fentanyl exports from China) in exchange for concessions from China, such as tightening controls on fentanyl precursor chemicals, and resuming purchases of US soybeans and other agricultural products.

• Stabilising Global Markets: Both leaders face domestic economic pressure, and the ongoing trade war has rattled global supply chains and financial markets. The meeting provides an opportunity to stabilise economic expectations.

Significance of Meeting During APEC:

• Convenient Neutral Ground: APEC (Asia-Pacific Economic Cooperation) brings together 21 major economies, including the US and China, making the summit a natural, pre-scheduled location for high-level bilateral talks.

• Focus on Economic Cooperation: As the premier economic forum in the region, APEC provides an environment focused on trade, investment, and growth. This context is ideal for discussing and framing a trade deal, even though the primary APEC agenda on free trade may be overshadowed by the US-China talks.

• Symbolism for Regional Allies: The meeting allows both leaders to signal their willingness to engage and stabilise the relationship to other key regional partners who are all present and heavily reliant on the stability of US-China trade. The outcome affects all APEC member economies.

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The Asia-Pacific Economic Cooperation (APEC) is a regional economic forum of 21 Pacific Rim economies established in 1989. Its main goal is to drive sustainable growth and prosperity by promoting free and open trade and investment through non-binding agreements, lowering trade barriers, and fostering economic cooperation across the region.

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US and South Korean officials finalised details of a trade deal on 29 October 2025, which had been previously deadlocked. The agreement formalises a $350 billion financial investment package from Seoul to the US, which includes funds for cash instalments and cooperation on shipbuilding investments.

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Prime Minister Datuk Seri Anwar Ibrahim is leading the Malaysian delegation to the APEC Economic Leaders' Meeting in Gyeongju, South Korea, from 31 October to 01 November 2025. Malaysia's key priorities at the summit include strengthening regional supply chains, advancing the digital economy, and promoting sustainable cooperation.

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During his speech at the APEC CEO Summit on 29 October 2025, US President Donald Trump praised Prime Minister Datuk Seri Anwar Ibrahim for his "great" and successful role in mediating the Cambodia-Thailand peace deal. Anwar was in Gyeongju leading the Malaysian delegation to the APEC Economic Leaders' Meeting.

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BTS leader RM delivered a keynote speech on 29 October 2025, at the APEC CEO Summit, becoming the first K-pop artist to address the forum. His presentation focused on "Cultural and Creative Industries in the APEC Region and the Soft Power of K-culture," urging global leaders to financially support the creative sector.

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