Xi-Trump South Korea Meeting: A Crucial Step for Trade Peace

China confirmed a meeting between President Xi Jinping and U.S. President Donald Trump in South Korea, hoping to ease trade tensions. Both leaders aim for a strategic discussion to stabilize market uncertainties after months of tariff wars. Key topics include rare earth exports and soybean purchases.

BEIJING, Oct 29 (Reuters) - China has officially announced a pivotal meeting between President Xi Jinping and U.S. President Donald Trump in South Korea, slated for Thursday. This highly anticipated encounter aims to address the prolonged trade tensions that have plagued markets on both sides of the Pacific.

According to a Chinese foreign ministry spokesperson, the discussions will focus on strategic and long-term global issues, sparking traders' and investors' hopes for a potential resolution in the tariff war. President Trump expressed optimism, suggesting that both parties anticipate achieving 'a good deal' to benefit both nations.

This dialogue comes amidst heightened speculations and market volatility, linked to China's rare earth export controls and U.S. limitations on Chinese investments. In a move seen as goodwill, China's state-owned COFCO has made significant soybean purchases from the U.S. ahead of the meeting. The leaders' talks will also explore issues like fentanyl, high-end chips, and soybean trade.