Trump-Xi meeting wraps up in less than two hours

President Trump and Chinese leader Xi Jinping concluded their meeting in South Korea with a handshake, but no immediate clarity as to what had been decided.Why it matters: A deal between the world's two largest economies to end a months-long trade war will come as a huge relief to businesses, investors and consumers.A more ambiguous result would keep the world guessing as to where tariff rates, export controls, and superpower relations are heading next.Driving the news: The meeting lasted around 1 hour and 40 minutes and began in a friendly fashion, with Trump describing Xi as a "friend" and "great leader" whom it was an "honor" to meet."I think we've already agreed to a lot of things," Trump added.Xi responded that he had a "warm" feeling meeting with Trump again, and said that while the U.S. and China "do not always see eye to eye," the countries should be "partners and friends."The cameras withdrew without the leaders taking questions, and Trump did not speak to reporters before boarding Air Force One to return to Washington.Trump said in a Truth Social post just an hour before sitting down with Xi that the U.S. would resume testing nuclear weapons after a three-decade hiatus, in part because of China's nuclear advancements.It's unclear whether that surprise announcement played any significant role in the closed-door discussions.Catch up quick: Trump announced multiple new agreements with key trade partners in Asia this week, ahead of the high-stakes meeting with Xi."We're going to be — I hope — making a deal," Trump said at the Asia-Pacific Economic Cooperation (APEC) summit ahead of the meeting."The world is watching, and I think we'll have something that's very exciting for everybody."What to watch: The big question is whether any lasting breakthroughs can be expected on the hardest issues in the relationship: access to rare earth minerals, soybean exports, the flow of fentanyl, and export restrictions on U.S. tech like AI chips.Treasury Secretary Scott Bessent said last weekend the U.S. likely wouldn't impose an extra tariff of 100% on Chinese goods, as Trump had threatened.The intrigue: Trump secured a number of rare earth deals during this Indo-Pacific — a nod to the reality that the U.S. needs a diversified supply chain.The U.S. is unlikely to be able to stand on its own with rare earths in the near-term, the vast majority of which are controlled — and used as leverage on the global stage — by China. Trump will meet with Central Asian leaders when he returns to Washington, with rare earths top of the agenda.

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