Last Thursday, on October 30, 2025, the leaders of the two great powers—Chinese President Xi Jinping and US President Donald Trump—met in South Korea on the sidelines of the ASEAN Summit, which brings together the countries of Southeast Asia. Neither power, whose leaders “stole the show” at the summit, is a member of the organization, and both attended as “dialogue partners.”
In the statements released after the meeting, President Xi emphasized both global and bilateral dimensions, framing trade relations between the powers as a stabilizing anchor rather than a source of tension. He asserted that the Chinese economy is stable and progressing in a positive direction. President Trump, for his part, focused on the US domestic context of the trade relations, highlighting that China’s purchase of American agricultural products would benefit US farmers, that its acquisition of American energy products would generate revenue into the US Treasury, and that China would ease the export of rare metals essential for manufacturing in the United States.
For President Xi, it was important to portray China as an equal partner to the United States. He referred to both nations as “the two largest economies in the world” and proposed that they cooperate in addressing global challenges, noting that both countries will host major summits next year—China the APEC Summit, and the United States the G20 Summit.
The White House issued a detailed statement about the agreements reached by the two leaders, following extensive work by professional teams from both countries. According to the statement, both sides committed to taking significant steps regarding longstanding trade disputes between the two powers. China will suspend export restrictions on rare metals for one year, act to stop the flow of fentanyl to the United States, suspend tariffs and countermeasures imposed on American goods, purchase US agricultural products, and halt investigations into certain US companies. The United States, in turn, will suspend tariffs on Chinese products and lift restrictions on specific Chinese firms (mainly in the technology sector). As expected, the United States framed the deal as “balancing” trade with China and as a “victory” for the American people.
Despite these seemingly dramatic measures, it should be noted that these are suspensions rather than an immediate cessation of the steps, and that they stem from deep-seated disputes that the agreement is unlikely to resolve.
Last Thursday, on October 30, 2025, the leaders of the two great powers—Chinese President Xi Jinping and US President Donald Trump—met in South Korea on the sidelines of the ASEAN Summit, which brings together the countries of Southeast Asia. Neither power, whose leaders “stole the show” at the summit, is a member of the organization, and both attended as “dialogue partners.”
In the statements released after the meeting, President Xi emphasized both global and bilateral dimensions, framing trade relations between the powers as a stabilizing anchor rather than a source of tension. He asserted that the Chinese economy is stable and progressing in a positive direction. President Trump, for his part, focused on the US domestic context of the trade relations, highlighting that China’s purchase of American agricultural products would benefit US farmers, that its acquisition of American energy products would generate revenue into the US Treasury, and that China would ease the export of rare metals essential for manufacturing in the United States.
For President Xi, it was important to portray China as an equal partner to the United States. He referred to both nations as “the two largest economies in the world” and proposed that they cooperate in addressing global challenges, noting that both countries will host major summits next year—China the APEC Summit, and the United States the G20 Summit.
The White House issued a detailed statement about the agreements reached by the two leaders, following extensive work by professional teams from both countries. According to the statement, both sides committed to taking significant steps regarding longstanding trade disputes between the two powers. China will suspend export restrictions on rare metals for one year, act to stop the flow of fentanyl to the United States, suspend tariffs and countermeasures imposed on American goods, purchase US agricultural products, and halt investigations into certain US companies. The United States, in turn, will suspend tariffs on Chinese products and lift restrictions on specific Chinese firms (mainly in the technology sector). As expected, the United States framed the deal as “balancing” trade with China and as a “victory” for the American people.
Despite these seemingly dramatic measures, it should be noted that these are suspensions rather than an immediate cessation of the steps, and that they stem from deep-seated disputes that the agreement is unlikely to resolve.