U.S. President Donald Trump and Chinese leader Xi Jinping are set to hold a bilateral meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, China, on November 18–19, following a recent extension of the U.S.-China trade truce.
U.S. Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi discussed bilateral relations and the upcoming leaders’ meeting in a November 11 phone call, described by China’s foreign ministry as ‘positive and constructive.’ The State Department did not immediately respond to a request for comment.
The leaders last met in Washington in late September, where they approved an extension of the trade truce until mid-January. As part of the agreement, Beijing announced it would suspend for two months an additional 24% tariff on U.S. products, port fees on U.S.-linked ships, and rare-earth export controls. Treasury Secretary Scott Bessent stated the détente was intended to provide more time to assess progress on economic issues.
Trade and Economic Détente
The two-month pause in tariffs and rare-earth restrictions follows months of delays in Chinese shipments of rare earths, which U.S. Ambassador David Perdue cited as a key issue ahead of the summit. Bessent has previously called for a more balanced economic relationship, stating that the U.S. economy has grown ‘too dependent on foreign supply,’ while China’s has ‘become increasingly reliant on foreign demand.’
Geopolitical Context and Broader Meetings
Reports indicate Trump may also meet with Russian President Vladimir Putin during the summit, though no official confirmation has been issued. U.S. envoys Jared Kushner and Steve Witkoff are scheduled to travel to Moscow for discussions with Putin, according to unnamed sources.
Analysts suggest the summit comes at a time of shifting U.S. political dynamics. The November 8 midterm elections resulted in Democrats gaining at least 251 House seats, with the potential to secure over 260, while Republicans retained control of the Senate. Some observers note Trump’s weakened position domestically may influence negotiations.
China’s Domestic and Regional Role
The APEC summit, typically a lower-profile event, has drawn heightened attention due to the high-stakes meetings. Shenzhen, a major tech and economic hub bordering Hong Kong, will host the gathering, which includes representatives from 21 economies, including the U.S., China, and Russia.
Chinese state media has framed the meeting as an opportunity to stabilize relations amid ongoing tensions, including trade disputes and security concerns in the Asia-Pacific region. Both sides have emphasized the need for ‘constructive strategic stability,’ a term used in their previous discussions.
Market and Policy Reactions
The temporary suspension of tariffs and rare-earth restrictions has been welcomed by U.S. industries reliant on Chinese imports, though critics argue the measures do not address deeper structural issues in the bilateral economic relationship. Treasury officials have indicated that deliverables from China have been ‘not perfect,’ suggesting further negotiations will be required to achieve long-term stability.