U.S., China Reach Framework Ahead of Gyeongju Meeting

The White House confirmed President Trump will meet Chinese President Xi Jinping on Oct. 30 at APEC in Gyeongju, South Korea. U.S. and Chinese officials said they reached a "very substantial" framework in Kuala Lumpur intended to avert Trump's threatened 100% tariffs, potentially including a deferral of China's rare‑earth export controls, with final terms to be decided when the leaders meet. Treasury Secretary Scott Bessent said the framework opens talks on more balanced trade, Chinese purchases of U.S. agricultural products, fentanyl precursor controls and other bilateral issues such as TikTok and export measures. Trump began his Asia tour in Malaysia, where he signed trade and critical‑minerals agreements with ASEAN partners and, according to officials, oversaw a U.S.‑brokered ceasefire between Thailand and Cambodia, moves U.S. officials presented as strengthening leverage ahead of the Xi meeting. Markets and officials are watching the Gyeongju meeting as an opportunity for modest, incremental steps rather than a full restoration of pre‑dispute terms, and U.S. officials said no summit with North Korea's Kim Jong Un is currently scheduled despite Trump's openness to meeting him.