On October 29, 2025, President Donald Trump said in Gyeongju that the United States and South Korea had essentially finalized a trade agreement as APEC events got underway, and he voiced optimism about a planned meeting with China’s Xi Jinping amid fraught tariff talks.
President Donald Trump told business leaders in Gyeongju on Wednesday that Washington and Seoul had “pretty much” finalized a trade deal following talks with South Korean President Lee Jae Myung, describing broad agreement on key terms while some details remain to be worked through, according to reporters traveling with the president. Reuters and other outlets reported the remarks during APEC week in Gyeongju. (reuters.com)
South Korean and U.S. officials have been negotiating a package that pairs tariff relief with a large investment commitment. Reuters reports the framework sets U.S. tariffs on Korean autos and auto parts at 15%, down from 25%, while structuring a $350 billion Korean investment in the United States as roughly $200 billion in investments over time—capped at about $20 billion a year—and about $150 billion directed to shipbuilding-related cooperation. Officials signaled the cash-versus-financing mix had been a sticking point but said markets welcomed progress. (reuters.com)
Trump’s stop in Gyeongju coincides with APEC’s CEO and leaders’ events hosted in the city this week. The APEC Secretariat and event organizers list Gyeongju as the venue for this year’s summit programming. (reuters.com)
Ceremonially, South Korea awarded Trump the Grand Order of Mugunghwa—its highest honor—and presented him with a replica of a Silla-era golden crown during a welcome at the Gyeongju National Museum, according to Reuters and local media. (reuters.com)
On regional security, Trump said he remained open to engaging North Korea but acknowledged no meeting with Kim Jong Un would occur on this trip. The Associated Press reported that Pyongyang said it had conducted successful cruise missile tests as Trump visited; the president downplayed the activity and repeated that he “knows Kim very well,” while also noting the peninsula remains technically at war. (pbs.org)
Trump is due to meet China’s Xi Jinping on Thursday in South Korea. Beijing confirmed the session and said the leaders would hold in‑depth talks; Trump said he expected a “very good” outcome. In the run‑up, China’s state-owned COFCO purchased three cargoes of U.S. soybeans in what traders viewed as a goodwill signal. (reuters.com)
The U.S.–China agenda remains dominated by tariffs, rare earths and fentanyl‑related enforcement. Earlier this month, Trump threatened to add a further 100% tariff on Chinese imports starting November 1, though recent Malaysia talks produced a framework to avert escalation, including expanded Chinese soybean buys and a one‑year delay in Beijing’s new rare earth licensing rules, U.S. Treasury Secretary Scott Bessent has said. (reuters.com)
Trump has also said he hopes to broach nuclear arms control with Xi, potentially as part of broader talks that Washington has long argued should eventually include China. Reports last week quoted Trump saying he expects to discuss limits on nuclear weapons alongside trade and agriculture. (straitstimes.com)
At Wednesday’s dinner with South Korean officials, Trump struck an upbeat tone about relations on the peninsula, saying ties with Seoul were strong and that he believed tensions could ease with time. Local coverage and pool reports captured him telling the room that he looked forward to talks with Xi on Thursday. (abc.net.au)