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US–China trade deal: US President Donald Trump and Chinese President Xi Jinping concluded a 1.4-hour bilateral meeting in Busan, South Korea, on Thursday, signalling significant progress toward finalising a long-awaited US–China trade deal.

The meeting, held ahead of the 32nd APEC Economic Leaders’ Meeting, marked the first in-person talks between the two leaders since Trump’s return to the White House and came amid heightened global anticipation of a breakthrough in their trade dispute.

Before the meeting began, Trump told reporters that the two sides “could sign a deal today” to resolve their trade war.

Expressing confidence, he said, “I think we’ve already agreed to a lot of things, and will agree to some more right now.”

Trump further noted that negotiations had already produced several agreements and that “more are likely to be finalised soon.”

Calling the talks “very successful,” Trump praised Xi as both “a very tough negotiator” and “a great leader of a great country.”

Xi, speaking through a translator, confirmed that trade negotiators from both sides had reached a basic consensus on the terms of a deal.

“Our two economic teams have reached a basic consensus on major concerns,” Xi said, describing the progress as “encouraging” and a foundation for renewed cooperation.

In his remarks, Xi reiterated that China’s development does not contradict Trump’s vision of “Making America Great Again,” according to China’s state-run Xinhua News Agency.

The Chinese President emphasised that both countries could “prosper together” through constructive engagement and mutual respect.

The meeting aimed to end the long-running trade dispute that has roiled global markets and strained diplomatic ties between the two largest economies.

Since the escalation of tariffs under Trump’s second term, both sides have imposed and counter-imposed import duties exceeding 100%, triggering disruptions in global supply chains.

A temporary truce reached in May had paused the tariff escalation. Still, new tensions soon emerged over US chip export restrictions to China and Beijing’s controls on rare earth materials, critical to global manufacturing.

Thursday’s discussions sought to address these sticking points, with both leaders expressing intent to stabilise economic relations and restore predictability in trade flows.

US officials said Trump is unlikely to pursue his earlier warning of imposing a 100% import tax on Chinese goods, while China signalled readiness to relax curbs on rare earth exports and resume US soybean imports, steps seen as goodwill measures.

Another key issue discussed during the meeting was the future of Chinese-owned TikTok’s American operations, which has been a flashpoint in the US-China technology rivalry.

Both leaders reportedly agreed that resolving such disputes could help steady relations and build mutual trust in the tech and digital domains.

While no formal signing ceremony was announced, Thursday’s meeting appeared to bring Washington and Beijing closer to finalising an agreement that could reset trade relations after years of tension.

“The mood was constructive and forward-looking,” one senior US official said after the talks, adding that the discussion covered not just trade but also supply chain security, intellectual property rights, and energy cooperation.

Trump described the talks as “a very successful meeting,” while Xi stressed that both sides must “stay on the right course” and steer the relationship through “winds, waves, and challenges.”

Anubhav Maurya is a Senior Sub-Editor at Zee Business, focusing on the stock market, personal finance, corporate news, and related sectors.

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