(MENAFN- Live Mint) United States President Donald Trump and Chinese President Xi Jinping would be meeting on Thursday, October 29, in South Korea on the sidelines of Asia-Pacific Economic Cooperation (APEC) summit of 21 countries in Gyeongju just as the tariff tussle – from rare earths to soybeans and port fees – continues between their countries.

A day ago, Donald Trump had confirmed his“big” and“fantastic” meeting with Xi Jinping that he said will“work out really well” and solve a“lot of problems.”

“I will be meeting President Xi today...a very fantastic meeting....It's a big meeting. I think it's going to work out really well. It's going to be great for everybody,” Trump said. Ahead of leaving on his tour, Trump had said that the US had been talking to the Chinese and“we're not just walking into the meeting cold.”

“I think we're going to have a very good outcome for our country and for the world, actually.”

Trump-Xi meeting: What to expect?

Reports suggest that a potential interim deal between the US and China could involve partial tariff relief, and Chinese commitments to purchase US-made soybeans and Boeing aircraft.

Also Read | '100% tariffs on China not sustainable': Trump says ties with Beijing would be fine after meeting Xi

If everything goes well, Washington may allow more advanced computer chips to be exported to Beijing, in exchange for China easing restrictions on rare earth magnets – a top priority for the US.

Trump grew furious earlier this month after Beijing introduced new export controls on rare earth elements vital to technology production and warned of steep retaliatory tariffs. In response, his administration threatened to restrict exports of products containing US software

Trump has said he wants China to buy more US soybeans after the country halted all purchases, which totaled $12.6 billion in 2024.

All eyes are also on talks on lowering 20 percent tariffs on Chinese goods related to fentanyl, or lifting the port fees both countries have imposed on each other's vessels.

Taiwan could also feature in the talks between the US and China. Trump did not rule out Taiwan coming up in talks, saying Xi“might want to talk about it”.

Earlier in the day, the Trump administration signaled that it may have finally reached a deal with China to keep TikTok running in the US. Treasury Secretary Scott Bessent told CBS that the two leaders will“consummate that transaction on Thursday in Korea.”

(With agency inputs)

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