Highlights
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Trump–Xi Summit marks first in 3 years
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Tariff rollback plan initiated
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Stock markets surge globally
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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
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Reopening of bilateral trade offices in Washington and Beijing by December.
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Temporary rollback of 10% tariffs on electronics and agricultural goods.
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Joint task force to monitor AI technology exports.
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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.
