Trump to meet Xi in South Korea days after saying 'no reason to meet Xi'

The upcoming meeting between U.S. President Donald Trump and China President Xi Jinping in South Korea appears to be back on track, days after Trump said there was "no reason" for the meeting to take place following China's enhanced export controls on rare earths.

U.S. Treasury Secretary Scott Bessent said "we have substantially de-escalated" during a Fox Business Network interview on Oct. 14 (Singapore time), Reuters reported.

He added that "substantial communication" had taken place between both sides during the previous weekend and he believes the presidential meeting during the Asia-Pacific Economic Cooperation (Apec) forum is "still on".

Bessent also addressed Trump's announcement of a 100 per cent additional tariff on Chinese exports to the U.S., noting that it is only set to take effect on Nov. 1, 2025 and the tariff "does not have to happen".

Despite his president's words, Bessent sought to assure his host that the relationship between both sides "is still good".

Xinhua, China's state news agency, reported that a working level meeting between the two sides had taken place the previous day on Monday, Oct. 13.

While it acknowledged that communications are ongoing, it quoted a spokesperson for China's Ministry of Commerce warning against further trade restrictions imposed by the U.S.

"The U.S. side cannot seek talks on one hand while threatening to introduce new restrictive measures on the other. This is not the right way to get along with China," the spokesperson said.

On Oct. 9, China added five new elements for rare earths export control and extra scrutiny for semiconductor users.

The Chinese Ministry of Commerce also added dozens of refining technologies to its export control list and introduced new rules requiring foreign rare earth producers using Chinese materials to comply with its regulations.

This prompted Trump to announce his new 100 per cent tariff and cast doubt on his upcoming meeting with Xi.

Top image via Charly Triballeau, Ludovic Marin/AFP