Trump says he expects ‘great deal’ with China at summit with Xi | Business and Economy News

US and Chinese leaders are expected to sign a trade deal in their first meeting since 2019.

Gyeongju, South Korea – United States President Donald Trump says he expects to seal a “great deal” with China at his high-stakes meeting with Chinese President Xi Jinping.

In a wide-ranging and rambling speech on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit on Wednesday, Trump said the expected trade deal would be good for both countries and “something very exciting for everybody”.

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“That’s really a great result. That’s better than fighting and going through all sorts of problems,” Trump said in an address to a business luncheon on the sidelines of the APEC gathering in Gyeongju.

“No reason for it.”

Trump is scheduled to meet Xi on Thursday in the coastal city in southeastern South Korea in their first face-to-face encounter since the US president launched his second trade war with China.

Trump, who is on the final leg of a six-day visit to Asia after stops in Malaysia and Japan, last met Xi in 2019 on the sidelines of the Group of 20 summit in Osaka, Japan.

Trump did not provide details of the anticipated agreement.

But speaking on Air Force One while en route to South Korea earlier on Wednesday, Trump said he expected the agreement to solve “a lot of problems” and include lower tariffs on Chinese goods in exchange for Beijing taking steps to curb the production of fentanyl.

Trump has imposed a 20 percent tariff on Chinese goods over what he claims is Beijing’s failure to crack down on the flow of chemicals used in making the deadly opioid.

US officials have previously indicated that a deal is likely to include the deferral of China’s planned export controls on rare earth minerals and an additional 100 percent US tariff on Chinese goods along with a commitment by Beijing to buy more US agricultural products.

In his luncheon address, Trump also said he would finalise a trade deal with South Korea “very soon”.

South Korea and the US, which are close treaty allies, have been struggling to finalise their trade agreement due to differences over the specifics of a $350bn investment package that Seoul has pledged in exchange for lower tariffs.

Trump also hailed the Korean-led expansion of the Hanwha Philly Shipyard in Philadelphia, Pennsylvania.

South Korean shipbuilder Hanwha Ocean said in August that it would spend $70m on expanding the shipyard, which it bought last year.

“I think it’s going to be one of the most successful yards anywhere in the world,” Trump said.