The negotiations between Trump and Xi took place without signing agreements, but the markets expect that they will be concluded soon.

Today in Busan, South Korea, a meeting took place at a military base between the head of the PRC, Xi Jinping, and US President Trump, marking the first such meeting since 2019. The meeting between the leaders of the US and China lasted 1 hour and 40 minutes, but both heads of state left without making statements to the press. Trump was accompanied by Treasury Secretary Scott Bessent, Secretary of State Marco Rubio, Secretary of Commerce Howard Lutnick, White House Chief of Staff Susie Wyles, and US Trade Representative Jamieson Greer. The parties discussed a range of issues, including the supply of rare earth elements and chips, the issue of fentanyl and soybean purchases, nuclear arms limitations, the cancellation of some tariffs, and the confirmation of the "One China" policy, as well as the reduction of energy resource imports from the Russian Federation to force the aggressor to end the war against Ukraine. Markets expected Trump to be able to at least agree on China's ...