"We did," Trump told journalists when asked if a deal had been reached, without giving further details.
"We reached a deal. We did a lot of different things. Great session," the US leader said.
But the US President then appeared to walk back the claim, telling a dinner with APEC leaders including Lee that the deal was "pretty much finalised".
"We pretty much finalised our trade deal and we discussed some other things to do with national security, etc. And I think we came to a conclusion on a lot of very important items," Trump said.
In July, Trump said Washington had agreed to cut tariffs on South Korean imports to 15 percent in exchange for a $350-billion investment pledge.
Steep auto tariffs remain in place, and the two governments were divided over the structure of the investment pledge.
Key issues up for discussion at Trump-Xi meet
Gyeongju, South Korea (AFP) Oct 29, 2025 -
US President Donald Trump and his Chinese counterpart Xi Jinping are set to meet Thursday for the first time since 2019.
Washington and Beijing have been locked in a multipronged trade spat since Trump returned to the White House, and are tussling for global sway.
Here are the key issues the two leaders could discuss:
- Rare earths -
A strategic field dominated by China that is essential for manufacturing in defence, automobiles and consumer electronics, the topic of rare earths is expected to occupy a central role in negotiations.
Beijing imposed sweeping export controls on the materials and related technology this month.
Trump swiftly announced retaliatory tariffs of 100 percent on all Chinese goods, originally due to come into effect on Saturday.
The move threatened to kick off another tit-for-tat trade war spiral.
Trump has since softened his rhetoric, saying such a tariff level is "not sustainable" and expressing confidence that a deal on rare earths can be struck.
- Fentanyl tariff -
A 20 percent tariff on Chinese goods over Beijing's handling of the fentanyl issue has been in place since March.
Trump said he expected to lower them, a day before meeting Xi.
Trump has claimed China hasn't done enough to halt the trafficking of fentanyl and other highly potent opioids into the United States.
Beijing disputes that, saying it has cooperated with Washington and that tariffs will not solve the drug problem.
- Soybeans -
Beijing retaliated against Trump's fentanyl tariffs with levies against US agricultural products, including soybeans.
Over half of US soybean exports went to China last year, but Beijing halted all orders as the trade dispute took hold.
US farmers, massively impacted by the tariff war, are a key source of domestic political support for Trump.
After US-China trade talks in Malaysia over the weekend, seen as a warm-up to the Trump-Xi meet, US Treasury Secretary Scott Bessent said Beijing had agreed to "substantial" purchases.
- Ukraine war -
Trump has said he will discuss the Russian invasion of Ukraine with Xi.
The United States has pressed top energy buyers -- including China -- to curb purchases of Russian oil, which Washington and Kyiv say fund the Russian war machine.
China, a major Russian trading partner, says it is a neutral party when it comes to the conflict.
Trump has sought to leverage his personal chemistry with Russian leader Vladimir Putin, but has so far failed to make progress on ending the war.
Ukraine's Volodymyr Zelensky on Tuesday urged Trump to pressure Xi to cut support for Russia when they meet.
- Taiwan -
Taiwan has long been a flashpoint in US-China relations.
Beijing considers the self-ruled democratic island part of its territory and has not ruled out using force to bring it under its control.
Washington recognises only Beijing and not Taipei, but US law requires it to provide Taiwan with weapons for self-defence.
US Secretary of State Marco Rubio said Saturday the United States was not considering "walking away from Taiwan" in exchange for a China trade deal.
China has reportedly sought for Trump to state explicitly that the United States opposes Taiwan independence.
- Chips -
Artificial intelligence technology is expected to be on the table too.
Beijing has ramped up its chip industry to beat Washington's export restrictions on the critical component used to power AI systems.
US chip giant Nvidia's CEO Jensen Huang on Tuesday warned that Washington must allow the sale of US-made AI chips in China, in order for Silicon Valley to remain a global AI powerhouse.
His company's chips are currently not sold in China due to a combination of national security concerns, Chinese government bans, and ongoing trade tensions.
- TikTok -
Also hanging in the balance is the fate of social media platform TikTok, whose US operations Washington has sought to wrest from the hands of Chinese parent company ByteDance, citing national security concerns.
Expectations for a deal are high.
Trump signed an executive order last month approving its placement under the control of a group of US investors, many of them his allies.
Bessent said that Trump and Xi will "consummate that transaction on Thursday".
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