Highlights
Trump–Xi Summit marks first in 3 years
Tariff rollback plan initiated
Stock markets surge globally
New AI and trade framework proposed
Singapore, Oct 29:
In a meeting described as the “turning point of the decade,” U.S. President Donald Trump and Chinese President Xi Jinping met in Singapore early Wednesday, reaching a preliminary consensus to ease trade tariffs and reestablish economic cooperation channels frozen since 2021.
The surprise summit — held under heavy security at the Shangri-La Hotel — concluded after four hours of closed-door discussions. Both leaders issued a joint statement committing to “stabilize global supply chains” and “protect investor confidence.”
“Today, America and China are back at the table — for peace, prosperity, and partnership,” Trump said, addressing media flanked by Secretary of State Mike Pompeo.
Xi Jinping called the meeting “a reset for a fractured global order” and hinted at a potential framework for zero-tariff trade on renewable technology within six months.
Global Reactions
Markets responded instantly. The Dow Jones surged 500 points in early trading, while the Shanghai Composite rose 2.8%. Analysts at Goldman Sachs projected a global market recovery of up to $1.2 trillion in valuation over the next quarter.
European leaders praised the move. German Chancellor Annalena Baerbock tweeted, “This meeting may finally restore stability in the world’s trade arteries.”
Key Agreements
Reopening of bilateral trade offices in Washington and Beijing by December.
Temporary rollback of 10% tariffs on electronics and agricultural goods.
Joint task force to monitor AI technology exports.
Promise to collaborate on WTO reforms.
Economists say the meeting’s tone was far less combative than previous encounters. “Trump’s re-election strategy clearly includes soft diplomacy with China,” noted foreign policy expert Ian Bremmer.
