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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Seoul, October 10 — The prospect of a long-awaited summit between U.S. President Donald Trump and Chinese President Xi Jinping at the upcoming APEC Summit in Gyeongju, South Korea, appears increasingly uncertain as tensions between Washington and Beijing reignite.
The two leaders had been expected to meet during the Asia-Pacific Economic Cooperation (APEC) summit starting October 31, with discussions reportedly focused on extending the ongoing “tariff truce.” However, recent developments suggest the meeting may be canceled, as President Trump hinted there is “no longer a reason” to meet his Chinese counterpart.
If the summit fails to materialize — and if President Trump cancels his trip to South Korea — analysts warn that it could undermine President Lee Jae-myung’s administration’s efforts to use the APEC gathering to promote global trade stability and regional security cooperation.
On October 10 (local time), President Trump announced plans to double tariffs on Chinese imports, imposing an additional 100% duty on top of existing rates. He also unveiled new export controls on key software technologies, effective November 1, and suggested that aircraft components could be added to the restricted export list. “China needs big things — like aircraft parts,” he told reporters, adding that a meeting with Xi “may no longer be necessary.”
The escalation comes amid a series of tit-for-tat economic measures. China has halted imports of U.S. soybeans, imposed export restrictions on rare-earth alloys, and plans to levy a special port service fee of 400 yuan per ton on U.S. vessels starting October 14. In response, the U.S. announced a $50-per-ton port fee on Chinese ships, with plans for gradual increases.
President Trump’s remarks on China’s rare-earth export controls reflect growing frustration in Washington, as Beijing’s move is seen as undermining the tariff truce agreed upon earlier this year. That deal had linked U.S. export controls on advanced semiconductors with China’s easing of rare-earth export limits. With the truce set to expire in November, experts warn that another round of trade confrontation may be imminent.
Unlike during Trump’s first term, when China responded to tariff pressure by increasing imports of U.S. goods, Beijing has now adopted a more assertive stance, leveraging its dominance in rare-earth resources as a strategic countermeasure.
Analysts say the renewed tensions mark a turning point in the U.S.–China relationship, which had briefly stabilized following progress on TikTok divestment talks and the temporary tariff truce.
알파경제 Kim Jisun (stockmk2020@alphabiz.co.kr)
