Meeting With China's Xi In South Korea Confirmed After Trump Secures Trade Deal With Seoul
Update (0915ET): The White House has just confirmed that President Trump will meet Chinese President Xi at 11am local time on Thursday in South Korea..
That is 10pm ET.
"We are willing to make joint efforts with the U.S. side to work for positive outcomes of this meeting, which will provide new guidance and impetus for the stable development of bilateral relations," spokesperson Guo Jiakun told a regular press briefing, adding that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations.
Trump said he expected Beijing would be “doing things” and work with him directly to address the export of precursor chemicals critical to manufacturing fentanyl.
Trump also suggested he was open to providing China with access to Nvidia’s Blackwell AI processor as part of a trade deal, which would represent a major concession and rile up national security hawks in Washington.
“We’ll be speaking about Blackwells,” Trump said, touting the chip as “super duper” and years ahead of what was currently available from other countries.
“The world is watching, and I think we’ll have something that’s very exciting for everybody,” Trump told the summit.
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President Trump told reporters that the U.S. and South Korea had "reached a deal on trade" during a dinner at the Asia-Pacific Economic Cooperation summit hosted by South Korean President Lee Jae Myung. The announcement follows a series of major trade deals Trump has secured just this week on his Asia tour and sets the stage for the highly anticipated trade meeting tomorrow with Chinese President Xi Jinping.
"We did reach a deal on trade," Trump told reporters at the dinner. No additional details about the agreement were provided, and neither the White House nor South Korean officials have issued an official statement outlining the terms.
Trump called his meetings with South Korea "tremendous" and said he had "pretty much finalized a trade deal," adding, "I think we came to a conclusion on a lot of very important items."
The pure logistics behind Trump's demand that South Korea invest $350 billion in cash in America have raised red flags with some Korean officials. Those officials told ABC News that loans and loan guarantees would be a much better pathway to strengthen ties, adding the country would also need a swap line to manage currency flows.
Trump's deal with South Korea builds on the previous deals he locked earlier this week, including $490 billion in investment commitments from Japan.
Trump's deal-making momentum will carry into Thursday, when he will meet with Xi to discuss a U.S.-China trade deal. Well ahead of the meeting, Treasury Secretary Scott Bessent said both sides have agreed on "a successful framework."
UBS analyst Andy Lau confirmed that China is ready to cooperate with the U.S. on "positive bilateral trade talks":
China's foreign ministry spokesperson Guo Jiakun told state media that Beijing is ready to work with the U.S. for a positive outcome and open to more cooperation on fentanyl. Presidents Xi Jinping and Donald Trump will have in-depth talks, he said, with their meeting set for Thursday in Busan.
Coverage this week of Trump's deals:
Bessent Announces US-China Trade "Framework" Reached; Rare Earth Controls Deferred + Thailand and Cambodia deals
Trump Praises Japan As Key Ally, Signs Rare-Earths Deal And U.S. Investment Boost
Trump confirms tomorrow's Xi talks.
Cryptocurrency-based prediction market Polymarket has odds of around 78% that Trump secures a China trade deal tomorrow.
The grand finale of trade deals could come as soon as tomorrow. If not, stocks could very well puke.