President Trump is set to meet with Chinese President Xi Jinping in South Korea -- their first face-to-face encounter of Mr. Trump's second term.

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US President Donald Trump and Chinese President Xi Jinping have held their first meeting of Trump's second term in South Korea, with a crucial trade deal between the two nations still unresolved. The discussions are taking place during the APEC Summit, which gathers leaders from across the Asia-Pacific region. The potential agreement could help China avoid a significant increase in US tariffs and address the flow of chemicals used to make fentanyl. The US is seeking greater access to China's rare earth minerals and a resumption of soybean purchases by China, which had shifted to South American suppliers after earlier tariffs.

While President Trump expressed optimism about reaching a deal, Chinese officials have been more reserved, stating only that they hope to work with the US for positive outcomes. The meeting also comes amid heightened regional tensions, with North Korea conducting a missile test shortly before Trump's arrival. Trump also reiterated that he cannot seek a third presidential term, citing constitutional limits.

Critical trade deal with China hangs in balance ahead of Trump-Xi meeting

It is Thursday in South Korea, and President Trump is meeting there with Chinese President Xi Jinping, their first face-to-face encounter of Mr. Trump's second term, and they have a lot to talk about, including the U.S.-China trade war. Senior White House correspondent Weijia Jiang is traveling with the president tonight. As President Trump touched down in South Korea, a military band welcomed him on the red carpet. On the agenda, the APEC Summit, which brought together 21 countries throughout the Asia-Pacific region, and the high-stakes encounter with Chinese President Xi Jinping, a critical trade deal hanging in the balance. I think it'll be a good deal for both, and that's really a great result. A trade agreement could help China avoid the pending additional 100 percent U.S. tariff on all imports and curb the flow of chemicals used to make fentanyl. The U.S. wants access to China's rare earth minerals and for Beijing to resume purchases of soybeans from American farmers, who lost billions of dollars after Trump imposed tariffs on China in February. The Chinese turned to the South American market instead. We're losing money, and it's a very desperate time. Aaron Lehman is president of the Iowa Farmers Union. We thought that we would be having some trade tension, but we had no idea it would be this type of trade tension and this type of chaos that's happening. Just before Trump arrived in South Korea, North Korea announced it test-launched cruise missiles into the Yellow Sea. The president brushed it off. He's been launching missiles for decades, right? Just another missile that was launched. President Trump says he will come back sometime in the future to meet with North Korean leader Kim Jong-un. Trump also acknowledged that he cannot run for a third term, saying that if you read the constitution, it's, quote, pretty clear that he's not allowed to. He previously declined to rule it out. Weijia, when it comes to a trade deal, you heard President Trump's words there. He sounds pretty optimistic about it. What about the Chinese? How are they feeling tonight? Well, Maurice, the Chinese have also signaled optimism, but they have been far more measured about it. They have not talked about any details of a potential deal or what concessions they might be willing to make, only saying that they want to work with the U.S. to achieve positive outcomes. It is notable, though, Maurice, that on the fentanyl piece, China says it has already taken many steps to curb the flow of chemicals into the U.S. and that America has to take concrete steps to cooperate. Okay, that is notable. Weijia Jiang, we're traveling with the president. Thank you.

President Trump will hold a bilateral meeting with Chinese President Xi Jinping. This is their first face-to-face since Mr. Trump returned to the White House. Jessi Mitchell anchors this Special Report.

Trump, Xi Jinping meet face-to-face in South Korea over trade

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