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Busan Summit

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Busan Summit
Host country South Korea
Date30 October 2025
CitiesBusan
ParticipantsChina Xi Jinping
United States Donald Trump

The Busan Summit was a summit meeting held on 30 October 2025, in Busan, South Korea, between Chinese leader Xi Jinping and United States President Donald Trump. This was the first face-to-face meeting between the two leaders in six years since the 2019 G20 Osaka summit. The meeting aimed to manage differences and explore the possibility of setting a future direction for China–United States relations amid the ongoing tensions in bilateral relations caused by the China–United States trade war and high-tech competition. The meeting was held at the VIP building at Gimhae International Airport, during the APEC South Korea.

On the eve of the summit, which was considered "high-risk", the relationship was under pressure from multiple fronts, especially as the trade truce agreement reached by the two sides in May 2025 that was set to expire on 10 November, Before the meeting, friction between the two countries escalated again: the United States restricted exports of semiconductor products that are crucial to the development of artificial intelligence to China, while China expanded export controls on rare earth metals which are core components of the defense industry and high-tech applications. Trump threatened to impose an additional 100% punitive tariff on Chinese goods starting 1 November. Despite the tense situation, the trade delegations of both sides held negotiations in Kuala Lumpur, Malaysia before the meeting and said that they had achieved a "very successful framework" and "preliminary consensus".

The formal talks lasted about one hour and forty minutes, during which the two leaders agreed to take several measures to ease short-term trade tensions. Xi said at the meeting that the two sides had reached a "basic consensus" on trade negotiations. He stressed that friction between the two major economies is a normal phenomenon and called on both sides to avoid falling into a "vicious cycle of mutual retaliation". The main outcomes of the meeting focused on tariffs and controls. The U.S. agreed to reduce the average tariff rate on Chinese imports from 57% to 47%, with the punitive tariffs on fentanyl-related products reduced from 20% to 10%, and pledged to suspend the imposition of retaliatory tariffs on Chinese goods for one year. In exchange, the U.S. and China agreed to suspend export controls on rare earth and high-tech products for one year, and the U.S. would also suspend its Section 301 investigations into China's maritime, logistics and shipbuilding industries. In terms of trade and cooperation, China pledged to immediately and substantially resume imports of soybeans and other agricultural products from the United States; the two sides also agreed to strengthen cooperation in the fight against fentanyl. Trump Announced that he would visit China in 2026, while inviting Xi Jinping to visit the United States in return.

Background

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The summit was held against the backdrop of continued high tensions between China and the United States.[1] Months before the meeting, relations between the two largest economies in the world had been strained by trade war and technological competition.[2][3] The two sides took a series of escalating measures: the United States restricted exports of semiconductor products and key software that are crucial to the development of artificial intelligence.[1] In response, China expanded export controls on rare earth metals, which are core to the defense industry and high-tech applications.[3] Such frictions led to the two countries imposing retaliatory tariffs on each other multiple times that year, with some goods even subject to tariffs of more than 100%.[4]

The talks, which are considered high-risk, face two pressing time constraints:[1] first, the trade truce agreement signed in May 2025 would expire on 10 November;[5] second, US President Donald Trump threatened to impose an additional 100% punitive tariff on Chinese goods starting 1 November if the talks fail to make substantial progress.[3]

In terms of bargaining power, China had several advantages,[1] including its position as the core of global manufacturing, its dominance in the rare earth market, and its huge purchasing power for US agricultural products (especially soybeans).[5] In contrast, the main leverage of the United States comes from its technology embargo on high-end semiconductor and wafer manufacturing equipment to China, as well as the threat of continued tariff increases.[3]

Prior to the meeting between the two heads of state, trade delegations from both sides held two days of emergency consultations in Kuala Lumpur, Malaysia, from 26 to 27 October and reached a "preliminary consensus" on the framework of a trade agreement. Both sides described the outcome as a "very successful framework".[1][6]

On the morning of 30 October, the day before the formal talks began, President Trump issued a military directive.[7] He issued a statement through the Truth Social, instructing the U.S. military to immediately resume nuclear weapons testing.[2] In the statement, Trump pointed out that Russia has the second largest nuclear arsenal after the United States, while China is "far behind, ranking third". He said that given that other countries are advancing their own nuclear testing programs, he has instructed the U.S. Department of Defense to restart U.S. nuclear weapons testing on a reciprocal basis.[7]

Summit

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The meeting between the Chinese and US leaders was held at 11:00 a.m. Korean Standard Time on 30 October at the VIP building of Gimhae International Airport and lasted for about one hour and forty minutes.[2][8] Both leaders led high-level delegations to the meeting.[7] The US delegation included Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer, Secretary of Commerce Howard Lutnick, US Ambassador to China David Perdue, and White House Chief of Staff Susie Wiles.[2] The Chinese officials present included Central Foreign Affairs Office Director Wang Yi, Communist Party General Office Director Cai Qi, Vice Premier He Lifeng, Minister of Commerce Wang Wentao, Vice Minister of Foreign Affairs Ma Zhaoxu and National Development and Reform Commission Chairman Zheng Shanjie.[7]

At the start of the talks, Trump described Xi Jinping as a "very tough negotiating opponent." Xi Jinping responded through a translator that friction between the world's two largest economies is a normal phenomenon, and pointed out that the two countries’ economic and trade teams had reached a "basic consensus" on key issues of concern a few days earlier. He added that China's development does not contradict Trump's goal of "making America great again".[7]

The two sides reached several agreements during the talks, mainly focusing on easing trade war tensions and setting a one-year truce.[8][9] In terms of tariffs, the United States agreed to reduce the average tariff rate on Chinese imports from 57% to 47%[7] and to reduce tariffs on Chinese goods related to fentanyl from 20% to 10%.[4] In addition, the United States pledged to suspend the 24% equivalent tariff imposed on Chinese goods for one year and to suspend the Section 301 investigation measures against China's maritime, logistics and shipbuilding industries for one year.[2]

As a reciprocal arrangement, China and the United States agreed to suspend the implementation of export control measures related to high technology and rare earths for one year.[10] Specifically, the United States will suspend the implementation of 50% of the "penetration rule" in export control, while China will suspend the implementation of rare earth export restrictions.[8][9] As a gesture of goodwill and part of the agreement, China pledged to immediately and on a large scale resume purchasing U.S. soybeans and other agricultural products.[10] In terms of cooperation, the two sides agreed to strengthen cooperation in the fight against fentanyl, and Trump said he believed that Xi Jinping would "do everything in his power to stop" fentanyl from flowing into the United States.[7] In addition, the two countries also agreed to properly handle the TikTok -related disputes.[8]

After the meeting, both sides agreed to maintain regular exchanges. Trump announced plans to visit China in April of the following year and invited Xi Jinping to visit the United States at an appropriate time.[2] The White House said it hoped that the two leaders would hold several meetings in the coming year.[8] However, despite the focus on trade and economic cooperation, several sensitive geopolitical issues were not addressed.[9] For example, despite rumors that Trump had received a verbal assurance from Xi Jinping that China would not take military action against Taiwan during his term,[11] Trump told reporters after the meeting that the Taiwan issue was "not mentioned at all" during the talks.[8] In addition, the joint communiqué did not mention the Russo-Ukrainian war.[10]

After his meeting with Xi Jinping, Trump did not answer questions or make comments from the media present.[12][13] He then boarded Air Force One, accompanied by South Korean Foreign Minister Cho Tae-yul and South Korean Ambassador to the United States Kang Kyung-wha, and immediately departed for Washington, D.C.[13] When interviewed by reporters on Air Force One, Trump expressed his high satisfaction with the summit's outcome, describing the meeting as "if I were to rate it from 0 to 10... I would say it was a 12."[14][15] He also said that he was too busy to meet with North Korean leader Kim Jong Un, but said "I will come back and talk to Kim Jong Un."[13]

After the summit, Xi Jinping immediately left Gimhae International Airport by special car and went to Gyeongju, North Gyeongsang Province to attend the APEC summit.[13][16] He then continued his state visit to South Korea, lasted until 1 November. During his visit to South Korea, Xi Jinping attended the 32nd APEC Leaders' Informal Meeting. This was his first state visit to South Korea in 11 years since July 2014.[16]

Aftermath

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After the news of the agreement reached between the Chinese and American heads of state was announced, the global financial market reacted positively. Asian and American stock markets generally rose sharply, with the Shanghai Stock Exchange Composite Index, the South Korean stock market, the Japanese stock market and the Taiwan stock market all hitting new highs on the same day. At the same time, the central parity rate of the Renminbi against the US dollar rose significantly, climbing to the highest level of the year.[4]

The summit was followed by an overall improvement of relations between China and the United States, with President Trump adopting a more conciliatory policy towards China. Since the meeting, the Trump administration has frozen several actions that could damage its relationship with China including imposing tariffs on strategic sectors, penalizing Chinese companies deemed to be security risks to the U.S., curbed investigations into China-linked hackers and lessened scrutiny on Chinese investments, while telling officials to tone down their statements towards China.[17]

References

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  1. ^ a b c d e "特朗普与习近平會晤直播新聞：中美领导人结束稀土和關稅谈判" [Live news coverage of the Trump-Xi Jinping meeting: Chinese and US leaders conclude negotiations on rare earth elements and tariffs.]. Al Jazeera Chinese (in Simplified Chinese). 2025-10-30. Retrieved 2025-10-30.
  2. ^ a b c d e f Zhou, Zixin (2025-10-30). "時隔六年見川普　習近平：美中不應陷報復循環" [Xi Jinping: The US and China should not be trapped in a cycle of retaliation after meeting Trump for the first time in six years.]. Deutsche Welle (in Traditional Chinese). Retrieved 2025-10-30.
  3. ^ a b c d "「習特會」前瞻：時隔六年再見面，中美握手言和，還是「越談越僵」？" [A Look Ahead to the Xi-Trump Meeting: Will the US and China shake hands and make peace after six years, or will the talks become increasingly strained?]. BBC News (in Traditional Chinese). 2025-10-29. Retrieved 2025-10-30.
  4. ^ a b c Rixing, Yang; Hanhua, Zhang (2025-10-28). "2025年APEC峰會專題報導》中美協議輪廓成形 就等習川拍板" [Special Report on the 2025 APEC Summit: The Outline of the US-China Agreement Takes Shape, Awaiting Xi and Trump's Final Approval]. Commercial Times (in Chinese (Taiwan)). Retrieved 2025-10-30.
  5. ^ a b Ji, Sidao (2025-10-30). "川普不只是輸掉了與中國的貿易戰" [Trump lost more than just the trade war with China.]. The New York Times (in Simplified Chinese). Retrieved 2025-10-30.
  6. ^ Zhuang, Jinfei; Cheng, Yihua; Guan, Luchang; Luo, Baoxi; Wang (2025-10-30). "中美會晤　美國：下週或簽協議　中國今季將買1200萬噸大豆" [US-China meeting: US says agreement may be signed next week; China to buy 12 million tons of soybeans this season.]. HK01 (in Chinese (Hong Kong)). Retrieved 2025-10-30.
  7. ^ a b c d e f g Ning, Pan (2025-10-30). "習特會在釜山舉行 中美貿易談判據稱達成「基本共識」" [The Xi-Trump meeting was held in Busan, and the US-China trade negotiations reportedly reached a "basic consensus."]. ABC News (Australia) (in Simplified Chinese). Retrieved 2025-10-30.
  8. ^ a b c d e f Chang, Siying (2025-10-30). "中美元首會晤結束：特朗普稱「明年訪華」未提台灣，稀土、關稅、大豆等主要成果" [The meeting between the Chinese and US leaders has concluded: Trump stated he would visit China next year but did not mention Taiwan; key agreements included rare earths, tariffs, and soybeans.]. BBC News (in Traditional Chinese). Retrieved 2025-10-30.
  9. ^ a b c Ye, Dehao (2025-10-27). "習特會前的中美「初步共識」：「休整」或「休戰」還看未言重點" [The "preliminary consensus" between China and the US before the Xi-Trump meeting: whether it's a "rest" or a "truce" remains to be seen.]. HK01 (in Chinese (Hong Kong)). Retrieved 2025-10-30.
  10. ^ a b c "中美領導人會晤有何利害關係？誰佔上風" [What are the stakes behind a meeting between Chinese and American leaders? Who will prevail?]. Al Jazeera Chinese (in Simplified Chinese). 2025-10-30. Retrieved 2025-10-30.
  11. ^ "特朗普与李在明敲定贸易协议，期待与习近平会晤" [Trump and Lee Jae-myung finalize trade agreement; Trump looks forward to meeting with Xi Jinping.]. Radio France Internationale (in Simplified Chinese). 2025-10-29. Retrieved 2025-10-30.
  12. ^ "只談了一百分鐘，川習會宣告結束！沒有記者會、不見聯合宣言，川普為參加「萬聖節派對」搭機趕回美國" [The Trump-Xi meeting lasted only 100 minutes! There was no press conference, no joint declaration, and Trump rushed back to the US to attend a Halloween party.]. The Storm Media (in Chinese (Taiwan)). 2025-10-30. Retrieved 2025-10-31.
  13. ^ a b c d Zhuang, Jinfei; Cheng, Yihua; Guan, Luchang; Luo, Baoxi; Wang, Hai (2025-10-30). "中美元首會晤　美國財長：美暫停「實體清單」限制措施1年" [US and Chinese leaders meet; US Treasury Secretary: US suspends "Entity List" restrictions for one year]. HK01 (in Chinese (Hong Kong)). Retrieved 2025-10-31.
  14. ^ "德语媒体：特朗普的"胜利"" [German-language media: Trump's "victory"]. Deutsche Welle (in Simplified Chinese). 2025-10-29. Retrieved 2025-10-31.
  15. ^ Chen, Yijun (2025-10-30). "川普為習川會打12分 比滿分10分還高" [Trump gave the Xi-Trump meeting a score of 12, higher than the maximum score of 10.]. Commercial Times (in Chinese (Taiwan)). Retrieved 2025-10-31.
  16. ^ a b "習近平飛抵釜山開啟訪韓行程" [Xi Jinping arrives in Busan to begin his visit to South Korea]. Yonhap News Agency (in Traditional Chinese). 2025-10-30. Retrieved 2025-10-31.
  17. ^ Somerville, Heather; Ward, Alexander; Bade, Gavin (2026-04-10). "Trump Quietly Scraps His Own Playbook on China". The Wall Street Journal. Retrieved 2026-04-17.
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