US President Donald Trump and Chinese Communist Party leader Xi Jinping held face-to-face talks in South Korea to stabilize relations and resolve tariff tensions.
“We’ve already agreed to a lot of things, and we’re going to agree to some more right now,” Trump said ahead of the bilateral talks, suggesting the two parties were showing signs of alignment.
“I think we’re going to have a great long-term relationship,” Trump said Thursday in a video posted to X by the White House. The Rapid Response 47 X account then confirmed that the meeting had ended.
President Donald J. Trump meets with Chinese President Xi Jinping in South Korea.
“I think we’re going to have a great relationship for a long time. I’m honored to be with you.” pic.twitter.com/ISpVBzkvN3
— White House (@WhiteHouse) October 30, 2025
President Trump’s tariffs since returning to the White House, combined with China’s retaliatory restrictions on exports of rare earth elements, have fueled fears of an economic slowdown, with some of the toughest tariffs in recent months causing a collapse in the cryptocurrency market.
This includes the market crash on October 10, when Bitcoin (BTC) fell from $121,560 to below $103,000.
According to mainstream media reports, neither the US nor China wants to risk destabilizing the global economy, justifying direct talks to decide how best to proceed with tariffs.
Trump not expected to follow through on recent tariff threats
U.S. officials have indicated that while China may ease export restrictions on rare earths and buy soybeans from the United States, it will not follow through on President Trump’s threat to impose an additional 100% import tax on Chinese goods.
Tariffs create uncertainty for Bitcoin mining and AI industries
President Trump spoke last week with several other Asian leaders, including officials from Malaysia, which is a hub for manufacturing and exporting Bitcoin miners to the United States.
The US currently imposes a 19% tariff on Malaysian exports.
Related: Ondo tokenizes over 100 US stocks and ETFs on BNB Chain
The tariffs have caused considerable anxiety for US Bitcoin miners, which rely on imports from Southeast Asia, and raised concerns about possible disruption to the AI hardware supply chain due to restrictions on rare earth exports from China.
magazine: Solana vs. Ethereum ETF, Impact on Facebook’s Bitwise: Hunter Horsley
