U.S. President Donald Trump says he anticipates a 'good deal' on trade from a possible upcoming meeting with Chinese President Xi Jinping, though the talks are not yet guaranteed. The two leaders are reportedly to meet at the APEC summit in South Korea next week.

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Presidents Trump and Xi are scheduled to meet in South Korea, marking their first face-to-face encounter in over six years. The meeting takes place against a backdrop of escalating economic friction, including recent export controls by China on rare earth minerals and US-imposed restrictions on semiconductor technology.

Both nations have taken steps to secure alternative trade partners, with China increasing soybean imports from South America and the US striking a rare earth deal with Australia. While the meeting is not expected to yield a comprehensive agreement, it is seen as a potential step toward easing tensions and stabilizing global trade dynamics.

Trump and Xi meeting: What's at stake?

After more than six years, Presidents Trump and Xi plan to meet face-to-face in South Korea, at a time of significant economic friction between the world's two largest economies. While their respective teams have held direct trade talks, the opportunity for Xi and Trump to hammer out at least some of their differences in person could be the catalyst towards more stable ties. Or not. For sure, the leverage game is in full swing. Earlier this month, Beijing announced a new round of export controls on rare earth minerals, vital inputs for a range of high-value industries, including advanced electronics and military systems, adding intensified uncertainty for global manufacturers. Not just in the U.S., but Europe as well. Most countries know this is not particularly targeted on them. It is mainly a retaliation to the recent U.S. moves on China. So if these countries, they handle relations with China, especially trade and economic relations with China, where without assisting the U.S. in sanctioning China, in pursuing the export control of China, I think, you know, they don't have to worry about this. Now, while the Europeans weigh their response, Trump is threatening to hike tariffs on China to 155 percent from November 1. But China has been very rough with us over the years. The U.S., citing national security, has implemented its own export controls, restricting China's access to high-end semiconductors and the equipment to make them, particularly those used for artificial intelligence. The result? An accelerated push by both nations for greater self-sufficiency and or an increased reliance on or through other key trading partners, from critical components to strategic crops. China is buying the bulk of its soybean imports this year from South America instead of the U.S. And Trump has now struck a deal with Australia for rare earth. Underlying these economic issues are the geopolitical risks in the Asia-Pacific. Potential heightened military activity, particularly around Taiwan, would no doubt disrupt shipping lanes and supply chains. I think when we finish our meetings in South Korea, China and I will have a really fair and really great trade deal together. I want to be good to China. I love my relationship with President Xi. China's position on handling China-U.S. economic and trade issues has been consistent and clear. Trade wars and tariff wars have no winners and are not in the interest of either party. Both sides should resolve relevant issues through consultations based on equality, mutual respect and mutual benefit. For global business, the primary expectation for this on-again, off-again Trump-Xi meeting is less about finding a single comprehensive deal between the two countries, but more as an opportunity to seek at least a step towards de-escalation. Stephen Engel, Bloomberg News, Shanghai.

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