Donald Trump and Xi Jinping hold meeting in South Korea amid hopes for trade deal – live updates

3.57am GMT Trump-Xi meeting ends We’re seeing live footage of Trump and Xi leaving the negotiations building after shaking hands.Xi has gotten into a car and it is being driven away. The meeting lasted one hour and 40 minutes. Updated at 3.59am GMT 3.54am GMT Key event Chinese state media is saying the Trump-Xi meeting has finished. Updated at 3.56am GMT 3.43am GMT While the two leaders hold their talks, our correspondent in Busan, Justin McCurry, has pieced together what we have seen so far, following their initial greeting and then the opening exchanges once seated with their delegations. Related: Trump and Xi meet in South Korea for crunch talks on trade 3.26am GMT Chinese shares climbed to a decade high as Trump and Xi began their meeting. Investors appeared heartened by early signs of cooling tensions between the world’s top two economies after recent escalations, while also positioning defensively with a sense of deja vu that the real deal may offer far less to celebrate, Reuters reported. The benchmark Shanghai Composite Index reversed early losses, rising as much as 0.2% to 4,025.70 in morning trading, reaching its highest since 2015, driven by hopes for de-escalation in the US-China trade dispute. Banking, insurance and liquor sectors led gains as sentiment remained cautious. Hong Kong’s Hang Seng Index rose 0.6% after resuming trade following a holiday on Wednesday. 3.13am GMT Taiwan’s foreign minister has said it is “confident” in its relations with the US amid the Trump-Xi talks. Lin Chia-lung – asked by reporters about the meeting and whether Taiwan could come up – said the government was “of course” paying attention to the talks. Taiwan and the US had close cooperation on security and other matters, he said in Taipei. “So we have confidence in Taiwan-US relations and have close communication channels,” Lin added, quoted by Reuters. Taiwan’s democratically elected government rejects Beijing’s claims of sovereignty. Since taking office this year, Trump has vacillated on his position towards Taiwan while pursuing a trade deal with Beijing. The US president says Xi Jinping has told him he will not invade while Trump is in office, but Trump has yet to approve any new US arms sales to Taipei. Updated at 3.18am GMT 2.51am GMT Both leaders have brought a high-level entourage with them for the talks. Xi is flanked by his foreign minister Wang Yi and senior advisor Cai Qi (a high-ranking politburo member who is essentially Xi’s chief of staff). Closest to the cameras is He Lifeng, the vice premier of China. At the far end of the table is the chair of China’s main planning agency, Zheng Shanjie, and vice-minister of foreign affairs Ma Zhaoxu. On the US side, Trump has brought secretary of state Marco Rubio, treasury secretary Scott Bessent, trade representative Jamieson Greer, commerce secretary Howard Lutnick, US ambassador to China David Purdue and the White House chief of staff Susie Wiles. Updated at 2.57am GMT 2.42am GMT The US will make an announcement that will be a “resounding victory” for its farmers after the Trump-Xi meeting, the US Treasury secretary posted on X on Thursday in the lead-up to the talks. Scott Bessent said earlier this month he anticipated China would restart substantial buying of US soybeans. America’s soybean farmers have been stuck in the middle of the trade war between the US and China, the biggest purchaser of American soybean exports, used to feed China’s pigs. Donald Trump’s tariffs prompted the country to exit the soybean market and US midwestern farmers have been waiting on a solution, as you can read in this feature from Rachel Leingang of the Guardian US. It details how no other country comes close to purchasing as many American soybeans as China – last year, it was more than $12bn worth. This year, the country has not purchased a single dollar’s worth, cutting off the country that makes up about half of US soybean exports. While Trump has said he intends some sort of payment to go to soybean farmers hurt by tariffs, an announcement of a specific plan is on hold while the government is shut down. He said in a recent Truth Social post that at his Xi meeting “soybeans will be a major topic of discussion”. Related: US farmers caught in Trump-China trade war – who’ll buy the soybeans? Updated at 3.45am GMT 2.36am GMT Just returning to the leaders’ preliminary remarks at the negotiating table, Xi listed Trump’s foreign policy achievements, including in Gaza and on the Thai-Cambodia border. Xi said China had also been promoting peace talks. China and the US can jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world. Trump was asked about nuclear testing – after his announcement earlier today that he had ordered US nuclear testing to begin immediately – but the US president did not take questions. Updated at 2.45am GMT 2.29am GMT Trump and Xi are meeting in a tiny building on the Gimhae air base, in the coastal South Korean city of Busan. The airport is a joint commercial and military facility, and security has been visibly ramped up around it in recent days, ahead of the arrival of Apec dignitaries. Local media has reported high-level activity, including practice runs by police motorcades between the airport and hotels. While also a secure site, the airport seems to have been picked as the best way to fit into both leaders’ schedules. Xi has just arrived for Apec, while Trump is about to fly out. Updated at 3.53am GMT 2.27am GMT As the Trump-Xi meeting gets under way, here are some other images from the morning so far: Updated at 3.46am GMT 2.25am GMT Here are some images of Donald Trump and Xi Jinping’s initial meeting just then before their talks began. Updated at 2.44am GMT 2.18am GMT Xi says China and the US should be 'partners and friends' At the table for the talks Trump said that “Xi is a great leader of a great country, it is an honour to have you with us”. Xi Jinping said it was a great pleasure to see Trump, adding: Given our different national conditions we do not always see eye to eye and it is normal for the two leading economies of the world to have friction now and again. You and I should stay the right course. I always believe China’s development goes hand in hand with your vision to make America great again. China and the US should be partners and friends.” Updated at 2.23am GMT 2.16am GMT Trump said at the table in Busan after sitting down for the talks with Xi that “we’ve already agreed to a lot of things”. He praised the Chinese president and said: “I think we’re going to have a fantastic relationship for a long period of time.” Xi said through an interpreter that it “feels very warm to see you again as it’s been many years”. Updated at 2.20am GMT 2.13am GMT Live vision is showing Trump and Xi at a large table for the talks, with their entourages beside them. 2.11am GMT Trump and Xi shake hands Donald Trump and Xi Jinping have greeted each other and shaken hands. Trump said Xi was a “very tough negotiator and that’s not good”. In the comment to reporters in Busan before the meeting got under way, the US president also said: “We have a great relationship.” Asked if he planned to sign a trade deal, Trump said: “Could be.” The Chinese president didn’t make any comments, but said later at the negotiating table that “China and the US should be partners and friends”. Updated at 3.52am GMT 2.08am GMT Live vision from Busan is showing Donald Trump and Xi Jinping shaking hands on a red carpet in front of US and China flags. Updated at 2.09am GMT 1.58am GMT Trump-Xi meeting begins – reports Xi Jinping is now meeting Donald Trump in Busan, Reuters has cited Chinese state media as saying. We’ll bring you confirmation as soon as we get it. As mentioned earlier, it’s the two leaders’ first meeting since 2019 and it comes amid hopes that they can hammer out a trade deal that will bring a truce in the blistering trade war between the world’s two largest economies. Updated at 2.07am GMT 1.54am GMT In the days leading up to the Trump-Xi meeting, American officials signalled that the US president did not intend to make good on a recent threat to impose an additional 100% import tax on Chinese goods. Also that China had shown signs it is willing to relax its export controls on rare earths as well as revive buying soybeans from the US. Trump went further aboard Air Force One on his way to South Korea, telling reporters he may reduce tariffs that he placed on China earlier this year related to its role in making fentanyl, the Associated Press reports. “I expect to be lowering that because I believe that they’re going to help us with the fentanyl situation,” Trump said, later adding: The relationship with China is very good. At a dinner on Wednesday night with other Apec leaders, Trump was caught on a microphone saying the meeting with Xi would be “three, four hours” and he would then go home to Washington. 1.49am GMT Trump orders immediate US nuclear testing Donald Trump says he has told the US defence department to immediately begin nuclear testing on a par with Russia and China’s testing. The US president posted on his Truth Social platform a short while ago in the lead-up to today’s talks with Xi Jinping that the US “has more nuclear weapons than any other country” and claimed he accomplished that during his first term, also saying: Because of the tremendous destructive power, I HATED to do it, but had no choice! Russia is second, and China is a distant third, but will be even within 5 years. Trump’s post also said: Because of other countries testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis. That process will begin immediately. Here’s our full report: Related: Trump directs Pentagon to ‘immediately’ start testing US nuclear weapons Updated at 2.00am GMT 1.44am GMT Pictures have dropped of Donald Trump and Xi Jinping’s plane arriving in Busan ahead of their talks. Updated at 1.52am GMT 1.40am GMT Analysis: pressure is building on both leaders Our reporter in Busan, Justin McCurry, has sent this analysis ahead of the Trump-Xi meeting: Donald Trump has racked up several wins during his tour of Asia: including a deal with Japan to secure the mining and processing of rare earths and the conclusion of a trade agreement with South Korea that commits Seoul to significant investments in the US economy. But it is the outcome of his imminent meeting with the Chinese leader, Xi Jinping, that will determine whether his weeklong visit to the region has been a success. Given the high stakes, pressure is building on both leaders to abandon the aggressive rhetoric of recent months and reach a deal that will benefit their interdependent economies and avoid unleashing chaos on the global economy. The mood music in Busan – the venue for their talks on the sidelines of the Apec leaders’ summit that opens in nearby Gyeongju on Friday– was as bright as the sky in the South Korean port city on Thursday morning. Trump has voiced optimism that a deal can be brokered that would ease Chinese restrictions on exports of rare-earth minerals vital to the US economy and see Beijing buy soybeans to help struggling US farmers. In return, Trump would drop threats to impose a 100% additional tariff on Chinese goods. Beijing, meanwhile, is willing to work together for “positive results”, according to foreign ministry spokesperson Guo Jiakun. Trump also said this week that he expects to reduce US tariffs on Chinese goods in exchange for a commitment by Beijing to curb the flow of precursor chemicals to make fentanyl, an opioid that has caused an epidemic of overdose deaths among Americans. There are no guarantees, of course, that any trade agreement Trump and Xi reach today will hold for the duration, as their countries compete for economic and geopolitical dominance in what some analysts are calling a new cold war. As Marine One touched down at Busan’s Gimhae international airport, few countries were following the progress of the Trump-Xi talks as keenly as Taiwan, a democratic, self-governing island that Beijing has vowed to “reunify” with the Chinese mainland. Concern is growing in Taiwan that Trump could offer concessions over the island – which the US is compelled to provide with the means to defend itself – despite indications from Trump that he had no plans to raise Taiwan with Xi. Updated at 2.39am GMT 1.36am GMT Xi Jinping has arrived in Busan, South Korea, ahead of his meeting with Donald Trump, according to Chinese state media. Updated at 2.02am GMT 1.30am GMT What are rare earths and critical minerals? Rare earths are at the centre of several deals cut by Trump on his Asia tour. But what are they? Critical minerals are vital for the global economy and include nickel, manganese and cobalt. Rare earths are a specific, highly useful category of critical minerals that are used to make magnets essential for the auto, electronic and defence industries, as well as in renewable energy. Securing reserves and production of rare earths has become a flashpoint in global diplomacy and trade. Related: What are rare earths and critical minerals – explained in 30 seconds 1.21am GMT Here are some of the latest images coming in from Busan amid the countdown to Donald Trump’s meeting with Xi Jinping Updated at 1.25am GMT 1.18am GMT What is in the ‘framework’ deal already agreed? On Monday the US and China agreed on a framework for a trade deal ahead of the Trump-Xi meeting. Treasury secretary Scott Bessent said the agreement – forged on the sidelines of the Association of south-east Asian Nations (Asean) summit in Malaysia on Sunday – would remove the threat of the imposition of 100% tariffs on Chinese imports starting on 1 November and include “a final deal” on the sale of TikTok in the US. Bessent said China said it would “delay” the export controls on minerals used in fighter jets, smartphones and electric vehicles for a year as part of the truce. China’s top trade negotiator, Li Chenggang, said both sides had reached a “preliminary consensus” and would next go through their respective internal approval processes. Related: US and China agree ‘framework’ for trade deal ahead of Xi-Trump meeting 1.09am GMT What is on the agenda for Trump-Xi meeting? Today’s talks will centre on tariffs as Donald Trump seeks to end the bruising trade war with Beijing, while Taiwan and Russia are also likely to be discussed. “We have a lot to talk about with President Xi, and he has a lot to talk about with us,” Trump told reporters as he embarked on the trip. “I think we’ll have a good meeting.” Here is more detail on what the pair are likely to talk about: Related: Trump and Xi talks: what will be on the agenda when US president meets China’s leader? 1.00am GMT Welcome summary Hello and welcome to our live coverage of the first meeting between Donald Trump and Xi Jinping since 2019. The meeting comes amid hopes that the leaders of the US and China could hammer out a trade deal that would bring a truce in the blistering trade war between the world’s two largest economies which has roiled global markets and sent international supply chains into panic. Negotiators from Beijing and Washington have both confirmed a “framework” has been agreed. It is now down to Trump and Xi, who will meet on the sidelines of the Asia-Pacific Economic Cooperation (Apec) summit in South Korean today, to sign off on it. The meeting is set to begin at 11am local time – in one hour – in Busan, a port city about 76km (47 miles) south of Gyeongju, the Apec summit’s main venue. News reports a few minutes ago said Xi had left Beijing for South Korea, citing Chinese state media. High on the meeting’s agenda will be rare earths. China’s chokehold on the supply of the critical minerals – which are vital for US industries ranging from car making to military equipment – has been a powerful bargaining chip for Beijing. China controls about 70% of the world’s rare earths mining and more than 90% of its processing capacity. This month, Beijing increased its restrictions on the export of rare earths and related technologies, citing national security concerns. Analysts noted that it came soon after the US expanded restrictions on the export of advanced semiconductor technology to China. Also up for discussion will be the Ukraine war and China’s claim on Taiwan, although Trump said on Wednesday: “I don’t know that we’ll even speak about Taiwan.” The meeting comes after Trump visited Malaysia, Japan and South Korea on his Asia tour, striking a series of deals on rare earths. We will be closely following developments in Busan – stay with us. Updated at 1.07am GMT