Trump–Xi meeting to shape global trade talks - Marcos

Metro Manila, Philippines - The meeting between US President Donald Trump and Chinese leader Xi Jinping would have significant implications on global trade and discussions at the Asia-Pacific Economic Cooperation (APEC) summit, President Ferdinand Marcos Jr. said on Thursday, Oct. 30.

Speaking before he left for Gyeongju, South Korea to attend the 32nd APEC Economic Leaders’ Meeting, Marcos said the outcome of the Trump–Xi talks could influence the direction of economic policies across the region.

“The world is watching because this is the source of the largest shock that has entered into the world trade system. The agreements that are made between two of the largest economies of the world will certainly affect every single citizen of the world,” Marcos said.

The president said the high-stakes meeting would “color and influence everything” discussed at APEC, as their negotiations touch on trade, technology, and global supply chains.

“This APEC meeting is much different from all the others that we have attended because, on the sidelines, are the decisions being made on how trade is going to be conducted,” he added.

“Those arrangements will certainly have ripple effects for the entire global economy,” the president said.

Busan meeting

In Busan, Trump and Xi began face-to-face talks Thursday that aimed to strike a truce in the renewed trade war. The meeting, their first since 2019, capped Trump’s Asia tour that included trade deals with Japan, South Korea, and Southeast Asian nations.

“We are going to have a very successful meeting, I have no doubt,” Trump said at the start of the talks. Xi, through a translator, said it was “normal for the two leading economies of the world to have friction now and then,” but expressed willingness to continue working with Trump to “lay a solid foundation for China-US relations.”

In a Reuters report, both countries recently reached a “fundamental consensus” on addressing their main concerns. US officials said they expect Beijing to delay new export controls on rare-earth minerals and resume purchases of American soybeans, while Trump has hinted at reducing tariffs on Chinese goods in exchange for cooperation on curbing the flow of fentanyl precursors.

Financial markets rallied on optimism over the talks, with China’s yuan hitting a one-year high and global stock indices posting record gains.