The S&P 500 (SPX) opened Wednesday’s trading session in the green after President Trump suggested that the U.S. and China would be able to secure a “great deal.”
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“We’re going to be, I hope, making a deal. I think we’re going to have a deal. I think it will be a good deal for both,” Trump said in South Korea on Wednesday. Earlier this month, he threatened to increase China’s tariff rate by an additional 100% on November 1, but has since softened his stance.
Trump-Xi Meeting Set for Thursday
The White House has confirmed that Trump will meet with Chinese President Xi Jinping at 11 a.m. Eastern Time on Thursday in South Korea. Several items will likely be on the agenda, including soybeans, curbing illegal fentanyl shipments, rare earths, and semiconductors.
Treasury Secretary Scott Bessent expects a positive outcome from the meeting as well, calling for China to delay rare earth export restrictions and increase U.S. soybean purchases.
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