Trump Doubts Xi Meeting Amid Escalating US-China Trade Tensions

President Donald Trump has sent mixed signals regarding a planned meeting with Chinese President Xi Jinping at the upcoming Asia-Pacific Economic Cooperation summit in South Korea, with Trump suggesting it may be canceled if either side finds it "too unpleasant." The meeting is crucial amid escalating US-China trade tensions, particularly over rare earth minerals and agricultural products such as soybeans, which China uses as leverage against US restrictions. The US is actively working to counter China's dominance in critical minerals by revitalizing domestic mining and collaborating with allies like Australia to secure supply chains. Despite hopes for a "good" trade deal, Trump's recent imposition of tariffs on China and China's retaliatory trade measures have dampened optimism, affecting markets including soybean futures and cryptocurrencies. Both sides recognize the high stakes, with Washington emphasizing national security concerns and the need to prevent China from gaining competitive advantages through US products. Treasury Secretary Scott Bessent is set to engage with Chinese officials to explore potential progress ahead of any bilateral meetings.