In Depth: Busan Summit Sets Course for New U.S.-China Equilibrium
00:00/00:00
Listen to this article
1x
Subscribe now
Listen to the full version
Listen to the full version
The Gyeongju Arts Center in Gyeongju, South Korea, will host the Asia-Pacific Economic Cooperation (APEC) CEO Summit in October 2025. Photo: Hou Wuting/Caixin
(Gyeongju, South Korea) — Waiting on the tarmac of an air force base before four alternating American and Chinese national flags, U.S. President Donald Trump set the stage for a moment the world had been anticipating for over six years. On his social media account, he offered his own preview of the summit with his Chinese counterpart, for the first time in history defining the relationship in his own unique terms: “The G2 is meeting soon!”
You've accessed an article available only to subscribers
VIEW OPTIONS
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
Share this article
Open WeChat and scan the QR code
- DIGEST HUB
Digest Hub
Back
Explore the story in 30 seconds
- President Trump and President Xi held their first summit since 2019, agreeing to major de-escalation measures, including suspending U.S. tariffs, export controls, and investigations for a year, and China pausing key countermeasures.
- The agreement impacts tariffs, rare earth exports, market access, and agricultural trade, providing temporary relief but leaving long-term structural issues unresolved.
- Businesses remain cautious after volatile trade policies; experts note the U.S.-China relationship is now more transactional and leader-driven, with lingering uncertainty despite the truce.
AI generated, for reference only
Explore the story in 3 minutes
[para. 1]
AI generated, for reference only
What Happened When
- 2019：
- Trump and Xi last met face-to-face at the G20 summit in Osaka, Japan.
- December 2024：
- Nexperia, a Dutch semiconductor firm owned by China's Wingtech, was placed on the U.S. Entity List.
- January 2025：
- Donald Trump was inaugurated for a second term as U.S. President.
- May 2025：
- China effectively halted new purchases of U.S. soybeans.
- September 2025：
- China's exports to the U.S. dropped by 27% year-on-year, marking six consecutive months of double-digit declines.
- September 29, 2025：
- The U.S. announced its '50% look-through rule' on export controls, which took effect immediately.
- October 30, 2025, just after 11 a.m.：
- Trump and Xi met in Gyeongju, South Korea, for their first face-to-face meeting since 2019.
AI generated, for reference only
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新