Busan: In a significant meeting in the South Korean port city of Busan, Chinese President Xi Jinping and US President Donald Trump engaged in discussions focused on strengthening cooperation and avoiding cycles of trade retaliation. This meeting marked their first in-person interaction since the G20 summit in Osaka, Japan in June 2019.

According to Anadolu Agency, during the talks, President Xi emphasized the importance of seeking "long-term benefits" from cooperation between the two leading global economies. He highlighted the normalcy of occasional frictions but urged against engaging in a "vicious cycle" of trade retaliation. These sentiments were echoed in an official handout from Beijing.

Xi advocated for a reduction in trade problems and an expansion of cooperative efforts, as stated by China's Foreign Ministry spokeswoman, Mao Ning. He underscored the role of economic and trade interactions as stabilizers and drivers of bilateral ties, rather than sources of conflict. Both leaders agreed to enhance cooperation in the economic, trade, and energy sectors.

Xi expressed confidence in navigating risks and challenges, advocating for a steady course in China-US relations. He stated that China has no intention of challenging or supplanting any nation, focusing instead on its development and sharing opportunities globally. He called for joint responsibility between China and the US to address global challenges and contribute positively to both nations and the world.

The meeting resulted in an agreement to reduce fentanyl-related tariffs on Chinese imports to 10%, while Beijing will suspend export controls on rare earths to the US for a year. Xi also announced that China will host the Asia-Pacific Economic Cooperation (APEC) in 2026, and the US will chair the G20 summit, with both sides supporting each other's efforts to ensure productive summits.

President Trump is expected to visit China in April 2026, and he extended an invitation to Xi for a visit to the US. Both leaders were in South Korea for the 32nd APEC Economic Leaders' Meeting in Gyeongju, where Xi will also participate. After meeting with APEC business leaders, Trump departed for the US following his summit with Xi.