On October 30, the China and US negotiating groups reached a basic agreement on how to resolve important economic and trade issues between the two countries. This is a statement made by General Secretary and President of China Xi Jinping during a meeting with US President Donald Trump in Busan City, South Korea.
Speaking at a sideline meeting of the APEC Summit, President Xi Jinping announced that the economic negotiation groups of the US and China have found a basic common voice on how to address important issues of mutual concern. He also said that the two sides have made encouraging progress.
Chairman Xi Jinping delivered a message of reconciliation, emphasizing that China and the US should be partners, able to help each other to both succeed and prosper. He said this is a point of view that he has raised many times in the past.
This positive signal is consistent with President Trump's previous statements. The US leader expressed hope that the meeting would bring a new trade deal, and said he intended to lower additional tariffs on Chinese goods.
The statement on "basic consensus" was issued after weeks of escalating tensions between the world's two largest economies. Tensions broke out in early October after China announced broader export control measures for rare earths, leading to Trump's threat to impose a 100% tariff on Chinese goods from November 1.
However, high-level diplomatic efforts have helped cool down the situation. Last week, Chinese Deputy Prime Minister He Lap Phong and US Treasury Secretary Scott Bessent held talks in Kuala Lumpur (Malaysia). These meetings were described as constructive, creating a positive premise for a summit between the two leaders in South Korea.
The announcement of Chairman Xi Jinping has reached a "basic consensus" showing that the expert-level negotiations have brought specific results, at least in principle, for thorny issues such as market access, intellectual property, and possibly the issue of rare earths. This creates a basis for the two leaders to focus on making final political decisions and can announce a temporary agreement or a roadmap for resolving trade conflicts.
Although details about the "basic consensus" have not been announced, Mr. Tap Can Binh's statement has brought a positive signal to the global market, which is waiting for the results of the US - China summit.
