The U.S. and China, the world's two most powerful economies, have been locked in a renewed trade dispute since Trump returned to office. With Washington hoping for tariff relief ahead of Thursday's meeting, Beijing's cautious stance is raising the stakes.

Gyeongju-si

US President Donald Trump and Chinese President Xi Jinping have met in person for the first time in six years, following several phone conversations earlier in the year. Their meeting in South Korea comes amid optimism for improved US-China relations and a recent surge in US markets. 

The leaders agreed to a framework for a trade deal, resulting in the shelving of plans for new US tariffs on Chinese goods and a reduction in existing tariffs by both countries. The summit also addressed other key issues such as Taiwan, the potential sale of TikTok in the US, and the ongoing conflict in Ukraine.

Trump carries Asia deal-making momentum into Xi meeting

Six years have passed since Xi Jinping and Donald Trump last met face to face. Back in 2019, during Trump's first term as president, a trade dispute was also central to their talks. They temporarily de-escalated the US-China trade war at the time. This year, the two leaders have spoken on the phone several times. But it's this in-person meeting that has been a key factor in a US market surge. They're optimistic there may be an improvement in US-China relations, which have suffered because of Trump's tariffs. The US president has also appeared upbeat. We have China coming and it's going to be very interesting. I have a lot of respect for President Xi and we are going to, I think we're going to come away with a deal, but I really feel good. Our country is doing so well economically, it's doing so incredibly well. The Chinese foreign minister has been more cautious ahead of the high-stakes meeting in South Korea. He appeared to criticise the US government's protectionist policies. We call for an end to politicising economic and trade issues, artificially fragmenting global markets and resorting to trade wars and tariff battles. One of the main aims of the talks is to avoid fresh tariffs on China. Earlier this year, amid escalating tensions, Trump increased tariffs on China to 145%. Beijing responded by raising their own duties on US exports to 125%. Talks between Chinese and US officials resulted in a sharp drop in tariffs. But Trump threatened a new 100% duty on Chinese goods from November over restrictions from Beijing on the export of rare earths, which are essential for US industry. Now it appears that plan has been shelved after both countries agreed to a framework for a trade deal. On the table, the president had given me maximum leverage when he threatened 100% tariffs if the Chinese imposed their rare earth global export controls. So I think we have averted that, so the tariffs will be averted. While trade will likely dominate the summit, other topics on the agenda are Taiwan, the final sale of the Chinese-owned social media platform TikTok in the US and the war in Ukraine.

Israeli planes and tanks pounded areas in eastern Gaza on Thursday (October 30), Palestinian residents and witnesses said, a day after Israel said it remained committed to a U.S.-backed ceasefire despite launching more lethal bombardments in the territory.

Jerusalem

Middle East Conflict

Israel strikes Gaza after asserting commitment to ceasefire

In the Netherlands, the centrist D66 party looks on course to beat the far right in the national election. Exit polls have predicted Rob Jetten's party will claim victory, which could lead him to become the country's youngest ever prime minister.

Amsterdam

Dutch centrist party wins big in election as far right loses support

President Donald Trump ordered the U.S. military on Thursday (October 30) to immediately resume testing nuclear weapons after a gap of 33 years, minutes before beginning a meeting with Chinese President Xi Jinping.

Washington

Trump tells Pentagon to resume testing U.S. nuclear weapons

President Trump said he's reached a deal with Chinese President Xi Jinping that could be signed "very soon." Mr. Trump says the U.S. will reduce tariffs on Chinese goods by 10% as China works to reduce the flow of fentanyl.

Global Tariffs

Trump says he's reached a deal with China's Xi

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

The Bank of Canada made a 25-basis-point cut to its key interest rate while governor Tiff Macklem suggested rates will hold where they are as long as inflation stays in the target range of two per cent.

Ottawa

Bank of Canada cuts key interest rate to 2.25%

After leaving Jamaica with widespread power outages and flooding, Melissa caused fatal flooding in Haiti that has killed 25 people and hit Cuba with a storm surge.

Port-au-Prince

Hurricane Melissa causes floods in Haiti, killing at least 25

Fentanyl production tops the agenda as the U.S. and China discuss curbing exports tied to the deadly opioid crisis.

Fentanyl crackdown central in U.S.-China talks

APEC members face economic uncertainty amid rising US-China rivalry—South Korea prepares for potential fallout from high-stakes talks.

U.S.-China trade tensions leave South Korea navigating APEC fallout

President Putin announced that the Poseidon super torpedo was successfully tested and cannot be intercepted, marking a new stage in Russia’s naval capabilities.

Moscow

Russia says its successfully tested nuclear-capable underwater drone

The Justice Department has put D.C. prosecutors on leave after they submitted a court memo describing those who attacked the Capitol on January 6, 2021 as "rioters." The filing was in a case involving Taylor Taranto, who was part of the Capitol riot and is currently facing unrelated weapons charges.

DOJ sidelines prosecutors over Jan. 6 'rioters' court filing

Sean Grayson, the former Illinois sheriff's deputy who shot and killed Sonya Massey in her home in 2024, was found guilty of second-degree murder.

Illinois

Ex-officer found guilty of murder in Sonya Massey shooting

President Donald Trump is sending America's largest aircraft carrier to the Caribbean to help stop small boats he says are transporting drugs to the U.S. Trump says the U.S. is in "armed conflict" with Venezuelan drug cartels.

U.S. masses more naval forces off coast of Venezuela

The U.S. Federal Reserve announced Wednesday that it will lower its benchmark interest rate by 0.25 percentage points in its second straight cut.

Fed lowers interest rates by 0.25 percentage points

The police operation was one of the most violent in Brazil’s recent history, with human rights organizations calling for investigations into the deaths.

Rio de Janeiro

Raid on Rio drug trafficking gang leaves at least 64 dead

Hurricane Melissa made landfall in Cuba on Wednesday after ripping through Jamaica. CBS News' Jarred Hill has more details.

Havana

Hurricane Melissa makes landfall in Cuba after slamming Jamaica

U.S. President Donald Trump landed in South Korea on Wednesday (October 29) for the final leg of his Asia trip, optimistic about striking a trade war truce with Chinese President Xi Jinping after summit talks with South Korea's Lee Jae Myung.

Busan

Trump lands in South Korea, hopes to strike deal with China's Xi

The U.S. Embassy in Mali is urging all American citizens to leave the country immediately, warning of rising terror threats and a worsening fuel crisis caused by a jihadi blockade.

Bamako

U.S. Embassy urges Americans to leave Mali immediately

Israeli planes launched strikes in Gaza on Tuesday (October 28) after Israel accused the militant group Hamas of violating a ceasefire in the Palestinian territory, marking the latest test of a fragile deal brokered earlier this month by U.S. President Donald Trump.

Israel strikes Gaza after accusing Hamas of violating ceasefire

Nvidia CEO Jensen Huang said on Tuesday (October 28) that the artificial intelligence chip leader will build seven new supercomputers for the U.S. Department of Energy, and said the company has $500 billion in bookings for its AI chips.

Nvidia will build AI supercomputers for U.S. Energy Department

25 states are suing the Trump administration to stop federal food aid from being suspended amid the government shutdown. All but two of those states, Nevada and Vermont, have a democratic governor.

25 states sue Trump administration over SNAP food stamp funding freeze

A federal judge is ordering a top Border Patrol official in charge of operations in Chicago to give nightly reports to the court after agents were accused of potentially violating limits on their arrest and crowd control tactics.

Chicago

Judge admonishes ICE leader in Chicago after violations

The U.S. military struck four more alleged drug vessels on Monday, killing at least 14 people and leaving one survivor. It marks the 11th time in under two months the U.S. has carried out strikes on vessels allegedly trafficking narcotics.

Caracas

Latest U.S. strikes on alleged drug boats kill at least 14 people

Major League Baseball says it's weighing a ban on all prop betting, which is a wager on an individual player or event that isn't necessarily tied to the outcome.

Los Angeles

MLB weighing ban on all prop betting

Israeli Prime Minister Benjamin Netanyahu said he has ordered the military to carry out powerful strikes on the Gaza Strip. This comes after Israel accused Hamas of violating their fragile peace deal by returning the wrong remains of a hostage.

Netanyahu orders strikes on Gaza over wrong hostage remains

Hurricane Melissa, a massive Category 5 storm, made landfall in Jamaica, barreling in from the Atlantic with 185 mph sustained winds, the National Hurricane Center said. CBS News meteorologist Jessica Burch has more.

Kingston

Hurricane Melissa makes landfall in Jamaica

The ASEAN bloc of Southeast Asian nations and China signed an upgrade to their free trade agreement, which includes sections on digital, the green economy and other new industries, Beijing's Commerce Ministry said.

Kuala Lumpur

China and ASEAN, hit by U.S. tariffs, sign upgraded free trade pact

President Trump met with new Japanese Prime Minister Sanae Takaichi on Tuesday and signed a trade agreement that the countries made over the summer. CBS News' Ramy Inocencio has the latest.

Tokyo

Trump touts trade deals with Japan, heaps praise on new prime minister

Argentina's president, Javier Milei's party, has won a decisive victory in Sunday's mid-term elections. The vote is seen as a support for his economic reforms and drastic austerity measures. In recent weeks, U.S. President Donald Trump had pledged a 40-billion-dollar bailout to bolster Argentina's failing economy and had endorsed Milei publicly.

Buenos Aires

Argentine markets jump after Milei party victory

Venezuela is accusing the U.S. of preparing a false flag attack as the U.S. continues to escalate its military presence in the Caribbean after carrying out multiple deadly strikes on boats the Trump administration said were carrying drugs.

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