U.S. President Donald Trump expressed optimism on Wednesday about reaching new agreements with Chinese President Xi Jinping during their upcoming meeting in South Korea. Trump said discussions could lead to resumed Chinese purchases of American soybeans and potential limits on nuclear weapons.
Speaking in the Oval Office alongside NATO Secretary General Mark Rutte, Trump said he believed Xi had shifted his stance on Russia’s war in Ukraine and now wanted to see an end to the conflict. The U.S. president also mentioned plans to discuss China’s purchases of Russian oil and efforts to stop the war, now in its third year.
Trump downplayed China’s export restrictions on rare earth magnets, calling them “a disturbance,” and said tariffs remained a more significant issue. With U.S. farmers suffering from reduced Chinese orders, Trump signaled confidence in striking a deal that would revive agricultural exports. He also hinted at a potential nuclear arms agreement involving Russia and China.
Trade tensions have intensified as Trump prepares to enforce new 100% tariffs on Chinese goods starting November 1, following Beijing’s rare earth export controls. U.S. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are traveling to Malaysia and other Asian nations to ease tensions and prepare for Trump’s meeting with Xi.
Bessent described the planned Trump-Xi encounter as a “pull-aside,” suggesting modest expectations but emphasizing optimism about productive talks. Trump’s Asia tour includes stops in Malaysia, Japan, and South Korea for key regional summits, including the APEC forum.
Greer accused China of violating previous trade commitments, especially regarding rare earth supplies and agricultural imports. While reaffirming that the U.S. seeks balance—not decoupling—from China, he stressed that Washington would no longer tolerate unfair trade practices that hurt American industries.