Key events
Here are some of the latest images coming in from Busan amid the countdown to Donald Trump’s meeting with Xi Jinping
What is in the ‘framework’ deal already agreed?
On Monday the US and China agreed on a framework for a trade deal ahead of the Trump-Xi meeting.
Treasury secretary Scott Bessent said the agreement – forged on the sidelines of the Association of south-east Asian Nations (Asean) summit in Malaysia on Sunday – would remove the threat of the imposition of 100% tariffs on Chinese imports starting on 1 November and include “a final deal” on the sale of TikTok in the US.
Bessent said China said it would “delay” the export controls on minerals used in fighter jets, smartphones and electric vehicles for a year as part of the truce.
China’s top trade negotiator, Li Chenggang, said both sides had reached a “preliminary consensus” and would next go through their respective internal approval processes.
What is on the agenda for Trump-Xi meeting?
Amy Hawkins
Today’s talks will centre on tariffs as Donald Trump seeks to end the bruising trade war with Beijing, while Taiwan and Russia are also likely to be discussed.
“We have a lot to talk about with President Xi, and he has a lot to talk about with us,” Trump told reporters as he embarked on the trip. “I think we’ll have a good meeting.”
Here is more detail on what the pair are likely to talk about:
Welcome summary
Hello and welcome to our live coverage of the first meeting between Donald Trump and Xi Jinping since 2019. The meeting comes amid hopes that the leaders of the US and China could hammer out a trade deal that would bring a truce in the blistering trade war between the world’s two largest economies which has roiled global markets and sent international supply chains into panic.
Negotiators from Beijing and Washington have both confirmed a “framework” has been agreed. It is now down to Trump and Xi, who will meet on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit in South Korean today, to sign off on it.
The meeting is set to begin at 11am local time – in one hour – in Busan, a port city about 76km (47 miles) south of Gyeongju, the Apec summit’s main venue. News reports a few minutes ago said Xi had left Beijing for South Korea, citing Chinese state media.
High on the meeting’s agenda will be rare earths. China’s chokehold on the supply of the critical minerals – which are vital for US industries ranging from car making to military equipment – has been a powerful bargaining chip for Beijing.
China controls about 70% of the world’s rare earths mining and more than 90% of its processing capacity. This month, Beijing increased its restrictions on the export of rare earths and related technologies, citing national security concerns. Analysts noted that it came soon after the US expanded restrictions on the export of advanced semiconductor technology to China.
Also up for discussion will be the Ukraine war and China’s claim on Taiwan, although Trump said on Wednesday: “I don’t know that we’ll even speak about Taiwan.”
The meeting comes after Trump visited Malaysia, Japan and South Korea on his Asia tour, striking a series of deals on rare earths.
We will be closely following developments in Busan – stay with us.
