U.S.–China summit in Busan revives hope for trade truce

Donald Trump and Xi Jinping will meet in Busan, South Korea, this Thursday for their first face-to-face encounter since Trump’s presidency, fueling hopes of a temporary U.S.–China trade deal. Chinese state media say they will cover “strategic and long-term issues,” and Washington appears ready to discuss delays on rare earth export controls and agricultural purchases such as soybeans. Even though a full framework deal is unlikely, markets are reacting favourably to the prospect of reduced tension and improved trade flows.