
Trump, Xi may meet ahead of or during APEC summit
The two countries have been trying to negotiate an end to an escalating tit-for-tat tariff war that has upended global trade and supply chains.
The two sides have discussed a potential meeting between the leaders in the region this year, but they have not confirmed a date or location yet, according to a person familiar with the matter.
Trump has sought to impose tariffs on US importers for virtually all foreign goods, which he says will stimulate domestic manufacturing and which critics say will make many consumer goods more expensive for Americans.
He has called for a universal base tariff rate of 10 percent on goods imported from all countries, with higher rates for imports from the most "problematic" ones, including China: imports from there now have the highest tariff rate of 55 percent.
Trump has set a deadline of Aug. 12 for the US and China to reach a durable tariffs agreement.
A spokesperson for Trump did not respond to a request for comment about the reported plans for a meeting with Xi in the autumn.
The two countries' most recent high-level meeting was on July 11, when US Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi had what both described as a productive and positive meeting in Malaysia about how trade negotiations should proceed.
Rubio said then that Trump had been invited to China to meet with Xi, and said that both leaders "want it to happen." On Friday, China Commerce Minister Wang Wentao said China wants to bring its trade ties with the US back to a stable footing and that recent talks in Europe showed there was no need for a tariff war. (Reuters)
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Korea Herald
13 minutes ago
- Korea Herald
Industry minister heads to Washington for trade talks with US counterparts
South Korea's new industry minister departed for Washington, D.C., on Wednesday to hold talks with high-level officials of the Donald Trump administration, about a week before the Aug. 1 deadline for a trade deal is set to expire. During his three-day trip to the United States, Kim Jung-kwan, minister of trade, industry and energy, will meet with US Commerce Secretary Howard Lutnick, Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who also serves as the chairman of the National Energy Council, according to his office. "Given the significant impact that tariff negotiations could have on our economy, the government will thoroughly respond by carefully considering the sensitivities across different sectors," Kim was quoted as saying. "Although it is currently difficult to predict the direction of US tariff measures, the government will engage in negotiations under close coordination between relevant ministries, with an aim to maximize national interest," he added. "We will make every effort to ensure that this negotiation becomes an opportunity to upgrade the Korea-US cooperation in the industrial and energy sectors, producing a positive-sum outcome for both countries." The ministry of trade, industry and energy said Kim is expected to highlight the potential for increased cooperation between Seoul and Washington in many strategic industries, including energy, shipbuilding, semiconductors and batteries, while meeting his US counterparts this week. Kim's US trip, the first of its kind since he took office Monday, comes amid South Korea's efforts to speed up tariff negotiations with the Trump administration before Washington begins imposing 25 percent reciprocal tariffs on Korean products on Aug. 1. It also comes ahead of planned "2+2" trade talks involving South Korea's Finance Minister Koo Yun-cheol, Trade Minister Yeo Han-koo and their US counterparts -- Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer -- set to be held Friday (local time) in Washington. Foreign Minister Cho Hyun is also arranging a visit to the US to meet with his counterpart, Marco Rubio, according to government officials. National Security Adviser Wi Sung-lac reportedly headed to Washington on Sunday to engage with his US counterparts in tariff negotiations. South Korea has been negotiating with the US on a wide range of trade issues for months, seeking a full exemption or reduction of the planned 25 percent reciprocal tariffs for the country and sectoral tariffs imposed on all steel and automobile imports by the Trump administration. Items on the negotiating table are said to include Seoul's import ban on American beef from cattle aged 30 months or older, proposed online platform regulations and restrictions on the export of high-precision map data. (Yonhap)


Korea Herald
an hour ago
- Korea Herald
Trump announces trade deal with Japan that lowers threatened tariff to 15%
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Korea Herald
an hour ago
- Korea Herald
Trump says Philippines will pay 19% 'reciprocal' tariffs
US President Donald Trump said Tuesday that the Philippines will pay 19 percent tariffs, a percentage point lower than what was previously announced, noting that the Southeast Asian nation will open its market to the United States. In a social media post, Trump said that his administration reached a trade deal with the Philippines, after he held a meeting with Philippine President Ferdinand Marcos Jr. at the White House. "We concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff," Trump wrote on Truth Social. "In addition, we will work together Militarily. It was a Great Honor to be with the President. He is Highly Respected in his Country, as he should be. He is also a very good, and tough, negotiator. We extend our warmest regards to the wonderful people of The Philippines!" The deal comes as South Korea and other countries are striving to strike trade deals with the US before Aug. 1, when Trump's "reciprocal" tariffs, including 25 percent duties on South Korea, are set to take effect. (Yonhap)