Trump Likely to Meet Xi Jinping at APEC in South Korea, Says U.S. Treasury Secretary

U.S. President Donald Trump remains on course to meet Chinese President Xi Jinping in late October in South Korea, according to Treasury Secretary Scott Bessent, who signaled the meeting still “will be on” despite recent trade escalations. Reuters reported.

Bessent, speaking in an interview with Fox Business, said that countermoves over China’s newly imposed export controls on rare earth elements have been followed by “substantial communications” between Washington and Beijing. He added that the 100 percent tariff threatened by Trump would not take effect until November 1, giving room for diplomacy. Reuters

“I believe that meeting will still be on,” Bessent affirmed, referring to the planned encounter at the Asia-Pacific Economic Cooperation (APEC) forum in Gyeongju, South Korea. He described the recent tensions as provocative but asserted those have been largely de-escalated. FT

The backdrop is a renewed surge in trade tensions. China announced expanded export controls on rare earths and related materials used in high-technology sectors. Trump responded by threatening sweeping tariffs, which rattled global markets. Reuters

Still, Bessent sought to paint a more conciliatory posture, describing the overall U.S.–China relationship as intact and open to negotiation. He said that staff-level talks are expected during the upcoming World Bank and IMF meetings in Washington. Politico

China, for its part, defended its new export control regime, stating the licensing rules are justified and not blanket bans. Critics in both countries question whether Beijing or lower-level officials pushed the measures without Xi’s direct involvement. Al Jazeera

Markets reacted to the apparent thaw. The U.S. dollar gained some ground as investors bet the threatened 100 percent tariffs might be delayed or abandoned entirely. Bessent’s remarks helped calm volatility following a sharp sell-off triggered by the initial tariff announcement. Reuters

Nevertheless, the calculus is delicate. Should the meeting go ahead, expectations will be high that Trump and Xi find a diplomatic framework to avert a deepening economic confrontation—especially in sectors such as semiconductors, critical minerals, and technology exports. If the meeting is canceled or yields no substance, escalation may resume quickly. Analysts await leaks or joint statements that may reveal whether concessions were made, especially around rare earth licensing and tariff rollback.

In the coming days, staff delegations from both sides are expected to negotiate on procedural terms and agendas.