Trump seeks trade war truce with China's Xi in talks
· RTE.ieUS President Donald Trump and China's leader Xi Jinping were set to hold talks in South Korea, seeking a return to a fragile trade war truce between the world's two largest economies.
The meeting, the first between the leaders since Mr Trump returned to office in January, is due to begin in the southern port city of Busan, capping off the US president's whirlwind trip around Asia.
Mr Trump has repeatedly expressed optimism about reaching agreement with Mr Xi during the summit, taking place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, buoyed by a breakthrough in trade talks with South Korea.
However, with both countries increasingly willing to play hardball over areas of economic and geopolitical competition -which analysts see as a new Cold War - many questions remain about how long any trade detente may last.
The trade war reignited this month after Beijing proposed dramatically expanding curbs on exports of rare-earth minerals vital for high-tech applications, a sector China dominates.
Mr Trump vowed to retaliate with additional 100% tariffs on Chinese exports, and with other steps including potential curbs on exports to China made with US software - moves that could have upended the global economy.
US expects Beijing to delay rare earth controls
After a weekend scramble between top trade negotiators, US Treasury Secretary Scott Bessent said he expected China to delay the rare earth controls for a year and revive purchases of US soybeans critical to American farmers, as part of a "substantial framework" to be agreed by the leaders.
The White House has signaled it hopes the summit will be the first of several between Mr Trump and Mr Xi in the coming year, including possible leader visits to each country, indicating a protracted negotiation process.
But Mr Trump wants some quick progress, in talks being closely watched by businesses worldwide.
Mr Trump said he expects to reduce US tariffs on Chinese goods in exchange for China's commitment to curb the flow of precursor chemicals to make fentanyl, a deadly synthetic opioid that is the leading cause of American overdose deaths.
Mr Trump has also said he might sign a final deal with Mr Xi on TikTok, the social media app that faces a US ban unless its Chinese owners divest its US operations.
China is willing to work together for "positive results", foreign ministry spokesperson Guo Jiakun said.
Prior deals set to expire
Previous deals, which brought down retaliatory tariffs sharply to about 55% on the US side and 10% on the Chinese side and restarted the flow of rare earth magnets from China, are due to expire on 10 November.
Mr Bessent said China had agreed to help curb the flow of fentanyl precursors, but did not say whether the US had made any concessions in return.
China has sought the lifting of 20% tariffs over fentanyl, an easing of export controls on sensitive US technology, and a rollback of new US port fees on Chinese vessels aimed at combating China's global dominance in shipbuilding, ocean freight and logistics.
Mr Trump's meeting with Mr Xi comes at the end of a five-day trip to Asia in which he signed pacts with Japan and Southeast Asian nations on rare earths, seeking to blunt China's stranglehold on minerals used in everything from cars to fighter jets.
Tensions over Taiwan
Regional strategic tensions, particularly over China-claimed Taiwan, a US partner and high-tech powerhouse, are an ominous backdrop to the summit.
On Sunday, Chinese state media said Chinese H-6K bombers recently flew near Taiwan to practise "confrontation drills."
US Secretary of State Marco Rubio said Taiwan should not be concerned about the US-China talks, despite some experts expressing fears that Mr Trump might offer concessions over the island.
Washington is required under US law to provide Taiwan with the means to defend itself.