In a dramatic turn that’s sent ripples through financial markets and diplomatic circles alike, the White House confirmed Thursday that U.S. President Donald Trump will meet Chinese President Xi Jinping on October 30, 2025, in South Korea. This high-stakes encounter, set for the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit, marks the first face-to-face meeting between the two leaders since Trump’s return to office in January and is widely viewed as a pivotal moment for global trade and international relations.
The announcement comes as both Washington and Beijing grapple with mounting tensions, particularly over trade. President Trump, who’s made a name for himself as a tough negotiator, has threatened to impose an additional 100% tariff on Chinese goods starting November 1 if China doesn’t roll back its recently tightened restrictions on rare earth exports. The stakes are enormous: rare earths are essential components in everything from smartphones to electric vehicles, and China dominates global production. The threat of new tariffs has already rattled markets and prompted fears of a renewed trade war between the world’s two largest economies.
According to Reuters, Trump’s upcoming five-day trip spans Malaysia, Japan, and South Korea, with the Xi meeting the centerpiece of his Asian tour. The White House formally announced the trip on October 24, 2025, following weeks of speculation about whether the leaders would indeed meet amid escalating hostilities. "We have a pretty long meeting scheduled," Trump told reporters, hinting at the seriousness of the discussions ahead. "We can work out a lot of our doubts and questions and our tremendous assets together," he added. Trump expressed optimism, saying, "I think we are going to come out very well and everyone's going to be very happy."
The confirmation of the Trump-Xi meeting has already had a tangible impact on global markets. As LSEG data shows, Bitcoin rose 1.6% to $111,390 shortly after the White House’s announcement. European stocks and S&P 500 futures also traded higher, with the Euro Stoxx 50 index up 0.25% and Germany's DAX gaining 0.15%. Even as equities climbed, gold slipped nearly 1% to $4,089, as investors recalibrated their expectations in light of the potential for de-escalation between the U.S. and China.
Yet, the optimism in markets is tempered by the very real prospect of failure. As BBC and CNBC report, the U.S. and China are currently operating under a fragile trade ceasefire brokered in May 2025, which temporarily halted the threat of triple-digit tariffs. That truce is set to expire on November 10 unless both sides agree to an extension. The run-up to the summit has seen a flurry of restrictive measures, including hefty port fees, expanded export controls on technology and rare earth minerals, and tit-for-tat tariffs. Trump’s latest threats followed China’s move in early October to dramatically expand export controls on rare earth minerals and related technologies—a move that the U.S. Treasury Secretary Scott Bessent described as an attempt to weaken the global economy.
Despite the saber-rattling, both sides have signaled a willingness to talk. White House Press Secretary Karoline Leavitt confirmed the bilateral meeting and said Trump would also meet South Korean leader Lee Jae Myung and participate in a working dinner for leaders. Trump’s Asia itinerary includes a stop in Malaysia for the Association of Southeast Asian Nations (ASEAN) summit and a meeting in Tokyo with Japan’s new Prime Minister Sanae Takaichi. The U.S. president has emphasized that rare earths, fentanyl, soybeans, and Taiwan are among his top issues for discussion with China. The last in-person meeting between Trump and Xi was in 2019 during Trump’s first term; since then, they’ve spoken at least three times in 2025, most recently in September about TikTok’s U.S. operations.
China, for its part, has also struck a cautiously optimistic tone. Commerce Minister Wang Wentao said on Friday that "it is entirely possible to find solutions to each other's concerns" and to "promote the healthy, stable and sustainable development of China-US economic and trade relations." According to CNBC, a Chinese delegation led by Vice Premier He Lifeng will meet U.S. Treasury Secretary Bessent in Malaysia this week to discuss trade and economic issues—a sign that both sides are preparing the ground for the leaders’ summit.
Analysts are quick to note that expectations for a sweeping breakthrough are low. Han Shen Lin, China director of global consultancy The Asia Group, described the summit as a "high-risk, high-reward leaders' meeting," with both sides likely aiming for a "reset" rather than any dramatic concessions. "Deeper structural disputes have not been resolved and may never be," Lin said. Instead, observers expect that the two countries could agree to resume ongoing trade talks, with possible limited relief on tariffs or commitments to purchase U.S. agricultural products and aircraft. The possibility of the U.S. relaxing some technology restrictions in exchange for China loosening controls on rare earth exports is also on the table. However, as history has shown—China reneged on similar promises in a 2020 deal—nothing is guaranteed.
Geopolitical issues loom large as well. The U.S. and China remain at odds over Taiwan, with a senior Taiwanese official stating that Taipei is in close contact with Washington and monitoring the Trump-Xi meeting closely. Russia’s ongoing war in Ukraine and China’s expanded purchases of Russian oil are also expected to feature in talks, though U.S. officials have indicated that trade and export controls will dominate the agenda. Trump is also working to maintain a ceasefire in the Israel-Gaza conflict, further complicating the diplomatic backdrop of his Asian trip.
For Trump, the trip is a test of his self-professed deal-making prowess—a chance to notch wins on trade, critical minerals, and regional security. As Reuters notes, the region has been battered by his hardball trade policies, and the outcome of the summit could define the trajectory of U.S.-Asia relations for years to come. Mira Rapp-Hooper, a visiting fellow at the Brookings Institution, put it succinctly: "The high-level question on this trip is really, who does the United States stand with, and what does it stand for?"
With the clock ticking toward the November 1 tariff deadline and the November 10 expiration of the current trade truce, the world will be watching closely to see whether Trump and Xi can pull the relationship back from the brink—or if another round of escalation is about to begin. For now, markets and diplomats alike are holding their breath as the two leaders prepare for what could be a defining moment in twenty-first century geopolitics.