President Trump said he expects to seal a “great deal” on trade and tariffs with China at his long-awaited meeting with Chinese President Xi Jinping.
“We’re going to be, I hope, making a deal. I think we’re going to have a deal. I think it will be a good deal for both,” the president said at a meeting in South Korea.
Earlier, the US president discussed his hopes to lower tariffs on Chinese goods over the fentanyl crisis and said he wants to speak with Xi about Nvidia’s (NVDA) flagship Blackwell chip.
Elsewhere on Wednesday, Trump said the US and South Korea had reached a deal after months of negotiating on a framework agreement. On Tuesday, Trump and Japan’s first female leader, Sanae Takaichi, signed deals relating to trade and rare earths.
In Trump’s swing through Asia, China is the focus. Trump’s summit with Xi is set for Thursday in South Korea, with all the talks in the lead-up creating optimism for a deal, as Yahoo Finance’s Ben Werschkul reported.
Treasury Secretary Scott Bessent said he does not anticipate that Trump’s threat of 100% additional tariffs on China will go into effect on Nov. 1. Bessent also said he expects China will revive its purchases of US soybeans and delay its export restrictions on rare earths by a year.
Read more: What Trump’s tariffs mean for the economy and your wallet
A spat over an ad featuring the late Ronald Reagan has grown into an international incident, with Trump threatening to raise tariffs on Canada by an additional 10%. Trump said he is stopping all negotiations with Canada.
The US Senate passed a bill that aims to end Trump’s 50% tariffs on Brazil, in a rare rebuke of the president from several members of his own party.
The US and India are making progress on a trade deal which could see tariffs on New Delhi cut to 15%-16% from their current 50% level, according to a report.
In early November, the US Supreme Court is set to hear a challenge to Trump’s most sweeping tariffs — the “reciprocal” country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump’s tariff strategy.
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Trump’s team touts ‘deal framework’ with China. It’s unclear what China will demand in return.
Markets have been boosted this week by the Trump administration’s comments on what they describe as a framework for a trade deal with China. However, Beijing has not said much in response, and very little is known about what President Xi Jinping may want in return.
Yahoo Finance’s Washington Correspondent Ben Werschkul looks at the upcoming meeting between Trump and Xi and what may be at stake for both sides.
President Trump told reporters on Wednesday that he hopes to lower tariffs imposed on Chinese goods over the fentanyl crisis and wants to speak to China’s President Xi Jinping about Nvidia’s (NVDA) flagship Blackwell AI chip, as the leaders prepare to meet on Thursday for a high-stakes summit.
Trump made the remarks while en route to South Korea for the final leg of his tour of Asia.
Once in Gyeongju, South Korea, Trump held a meeting and said that he expects to finalize a “great deal.”
“We’re going to be, I hope, making a deal. I think we’re going to have a deal. I think it will be a good deal for both,” the president said.
Bloomberg News reports:
Ontario Premier Doug Ford, who was behind the controversial ad that featured former President Ronald Reagan criticizing tariffs, has come out to add context around the ad’s focus. He also went on to call it a success despite any difficulties it may have added to trade talks between the US and Canada
Bloomberg reports:
The stage is set for the summit between President Trump and China’s Xi Jinping this week, and both Washington and Beijing have lined up a series of diplomatic wins to help both leaders shine. Some of this has pleased investors, but deeper conflicts remain unresolved.
Bloomberg News reports:
Indian Prime Minister Narendra Modi reportedly opted out of attending a regional leaders’ summit to avoid being questioned about relations with Pakistan. Sources close to the matter claim that he was specifically keeping his distance from President Donald Trump.
Bloomberg reports:
President Trump’s tour of Asia has been a lucrative one and helped him secure trade deals with some major trading partners. The White House has called them “historic”, despite some question marks remaining over the validity of the agreements.
But the pacts have granted Trump some wins, with many thinking he may have gained an advantage over his allies.
Bloomberg News reports:
President Trump did not hold back on his praise for Japan’s first female leader, Sanae Takaichi, as the two leaders signed a trade deal and other agreements. Trump promised Takaichi that the US would be there to help should Tokyo need anything.
Trump met with Takaichi as part of his tour of Asia and ahead of his meeting with China’s President Xi Jinping on Thursday.
The meeting between Washington and Tokyo focused on trade but also diplomacy as the two sides seek to reaffirm ties and rebuild relations, which went sour after Trump announced his “Liberation Day” tariffs back in April.
Bloomberg News reports:
President Trump met with Japan’s first female leader, Sanae Takaichi, on Tuesday as part of his Asia tour. The US president reaffirmed ties with his country’s longstanding partner, signing deals on trade and rare earths.
Trump praised Prime Minister Takaichi, saying, “We are an ally at the strongest level.”
According to Trump’s spokeswoman, Karoline Leavitt, Takaichi applauded Trump’s push to resolve global conflicts and promised to nominate the US leader for the Nobel Peace Prize.
Japan and the US released a series of projects around energy, artificial intelligence and critical minerals, with Japan eyeing investments of up to $400 billion.
Reuters reports:
Tue, October 28, 2025 at 7:30 AM UTC US importers are ‘front-loading’ many spring orders to skirt looming China tariffs
As Nov. 1 approaches, small importers for big US retail companies had been stockpiling products made in China that are usually sold in the spring, Reuters reports.
Talks between the US and China at the ASEAN summit appear to have eliminated the prospect of 100% tariffs on Chinese imports, but now these importers have to carry the products on their balance sheets — and pay to store them in their warehouses — with the hope that consumers will purchase them in a few months’ time
President Trump and China’s leader Xi Jinping are due to meet this week as the two leaders look to restore economic and diplomatic relations between the two nations.
Here is a list of the key things investors should look out for in the Trump-Xi summit.
Bloomberg News reports:
Tue, October 28, 2025 at 2:00 AM UTC ‘The best ad that ever ran’: Ontario premier not sorry for Reagan ad that roiled Trump
If an ongoing spat between the US and Canada over Ronald Reagan was not on your 2025 bingo card, you are probably not alone. But an ad featuring the late US president has prompted President Trump to add an extra 10% tariff on Canada, and cut off trade talks with the US’ neighbor to the north.
Trump said Monday he has no plans to resume the talks anytime soon, to the apparent consternation of Canadian Prime Minister Mark Carney.
Ontario Premier Doug Ford, whose provincial government sponsored the ad that included 1987 clips of Reagan criticizing tariffs, seems to have no regrets, Bloomberg reports.
The ad has achieved its goal, Ford told reporters in Ontario on Monday, “to make sure that conversation starts with the American people, and with their elected officials, and my goodness, it’s started all right.” He added that it was “the best ad that ever ran, I’ll tell you.”
President Trump is said to be aiming for a quick win in his long-awaited meeting with China’s President Xi Jinping on Thursday.
Bloomberg News reports:
“We’ll make a deal on, I think, everything,” Trump told reporters this week.
President Trump told reporters Monday that he is excited about his meeting with the new Japanese leader, Prime Minister Sanae Takaichi. Trump and Takaichi hope to complete a joint deal to promote shipbuilding capacity.
Bloomberg News reports:
Mon, October 27, 2025 at 7:45 PM UTC Canada is ready, but Trump says he won’t hold trade talks with them ‘for a while’
President Trump patched up relations with President Luiz Inácio Lula da Silva of Brazil over the weekend, but does not appear to be in any rush to go back to the negotiating table with the Canadians, Bloomberg reports.
The latest spat began last week, when Trump was angered by an ad paid for by the government of Ontario that used footage of Ronald Reagan criticizing tariffs and advocating for free trade. He threatened to terminate all trade talks with Canada, and Ontario Premier Doug Ford said Friday the ad had served its purpose and would be pulled — but after the weekend World Series games between the Toronto Blue Jays and Los Angeles Dodgers.
But Trump wanted the ad pulled immediately, and on Saturday announced 10% tariffs on Canada above its current rate. Canadian Prime Minister Mark Carney has insisted there had been progress in “very comprehensive discussions” with the US on tariffs that Canada is ready to resume.
Asked Monday if he would meet with Carney while the two were in South Korea for the Asia-Pacific Economic Cooperation summit later this week, Trump said no.
“I don’t want to meet with him,” Trump said. “No, I’m not going to be meeting with them for a while. I’m very happy with the deal we have right now with Canada. We’re going to let it ride.”
President Claudia Sheinbaum has announced that the deadline for a deal between the US and Mexico had been extended for several more weeks.
Bloomberg reports:
President Trump said on Sunday that he is confident the US and China will reach a trade deal, as he is expected to meet China’s President Xi Jinping on Thursday in South Korea during his tour of Asia.
Reuters reports:
President Trump signed a flurry of deals on trade and critical minerals with four Southeast Asian partners on Sunday. Trump, who is currently in Kuala Lumpur, signed trade deals with his Malaysian and Cambodian counterparts, alongside a framework trade pact with Thailand.
Reuters reports:
Sun, October 26, 2025 at 8:11 PM UTC Brazil and US to revive trade talks Monday
Negotiators for the US and Brazil are preparing to meet Monday to resume trade talks after Presidents Donald Trump and Luiz Inacio Lula da Silva met Sunday and repaired ties, Bloomberg reported.