(qlmbusinessnews.com . Mon 27th Oct, 2025) London, UK —
Trump and Xi Jinping to Finalize Groundbreaking Trade Deal in South Korea Meeting
The US and China are on the brink of a significant trade agreement, with discussions set to culminate during a meeting between the countries' leaders later this week, according to the US Treasury Secretary.
Speaking to CBS, a broadcasting partner of the Reporters, Scott Bessent outlined key facets of the potential accord, including a conclusive agreement regarding the operations of social media giant TikTok in the US, alongside a postponement of China’s augmented control over the export of rare earth minerals.
Bessent expressed confidence that the threatening 100% tariff on Chinese imports, previously mooted by US President Donald Trump, would not materialise. Furthermore, he revealed China's intention to recommence substantial purchases of American soybeans in an attempt to de-escalate the ongoing trade skirmish between the two economic superpowers.
This week, Presidents Trump and Xi Jinping are slated for discussions in South Korea, following Bessent's fruitful negotiations with top Chinese trade delegates on the margins of the Association of Southeast Asian Nations (ASEAN) summit in Malaysia. Trump is also attending this summit as part of his broader Asian itinerary. The discussions were described as “constructive” by Beijing.
Bessent announced that a comprehensive framework had been established for the leaders’ review, positing that the introduction of the tariffs could be averted. The Chinese government echoed this sentiment in a statement, noting that both parties had “reached a basic consensus on arrangements to address their respective concerns” and would refine the specifics in due course.
Since returning to office, President Trump has escalated his tariff strategy, affecting numerous countries, including the UK, which in turn has led to new bilateral agreements with the US. Nevertheless, the most severe tariffs were directed at China, which retaliated in kind, although both nations agreed to halt these measures while exploring a trade deal.
Amid rising tensions, Trump announced earlier this month his intention to levy an additional 100% tariff on Chinese goods from November, in response to China’s tightening of rare earth mineral exports, accusing Beijing of aggressive posturing.
With China controlling approximately 90% of the world's rare earths—vital for manufacturing a range of electronics—the delay in export restrictions will provide a breathing space for US manufacturers dependent on these materials.
Addressing the impasse over soybean trading—the halt of which has adversely affected US farmers—Bessent suggested that the boycott could soon end, bringing relief to the agricultural sector.
Moreover, a deal appears to have been reached over TikTok’s American operations, with finalisation expected during the leaders’ meeting.
Alongside these developments, Trump has unveiled a series of trade deals and framework agreements with Malaysia, Cambodia, Thailand, and Vietnam, aimed at bolstering American trade while maintaining up to a 20% tariff rate, albeit with certain exemptions.
During his Asian tour, Trump has underscored the US's commitment to being a steadfast partner to Southeast Asia, amidst the challenges posed by his tariff policies. Agreements to extend America's access to critical minerals and enhance trade with several Southeast Asian countries mark a strategic pivot, further evidenced by Vietnam's agreement to procure over $8bn worth of Boeing jets and American agricultural products from the US.
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