October 16, 2025
SEOUL – With just two weeks left until the Asia-Pacific Economic Cooperation summit, anticipations are running for a high-profile gathering that could reshape trade, diplomacy and the global tech landscape.
Scheduled for Oct. 31 and Nov. 1, the APEC summit will bring together the heads of 21 economies in Gyeongju, North Gyeongsang Province. Preceding the event is the APEC CEO Summit, running from Oct. 28 to 31, where global business leaders, government officials and experts will gather for discussions and networking.
As world leaders and corporate heavyweights descend on the historic Korean city, expectations are high and stakes are even higher. Below are the flash points and what observers will be watching closely during APEC week.
Trade friction between the US and China have flared up again, putting the focus on whether US President Donald Trump and Chinese President Xi Jinping will meet in Gyeongju, and whether the talks could deliver a breakthrough — or at least a brief truce — between the world’s two biggest economies, whose on-again, off-again tensions have rattled global markets.
Trump and Xi were widely expected to sit down for talks on the sidelines of the APEC summit, in what would mark their first face-to-face meeting since Trump’s second term began in January. But uncertainty grew after Beijing tightened export controls on critical rare earth materials used in computer chips and defense technologies on Oct. 9. In response, Washington threatened an additional 100 percent tariff on Chinese goods taking effect on Nov. 1, which coincides with the summit.
“I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” Trump wrote on Truth Social on Friday, hinting at canceling the meeting.
Yet over the weekend, the US president struck a more conciliatory tone, leaving room for negotiations, saying the US wants to “help China, not hurt it.”
On Monday, US Treasury Secretary Scott Bessent said there had been significant communication between the two sides over the weekend and tensions have “substantially de-escalated.”
“President Trump said that the tariffs would not go into effect until Nov. 1. He will be meeting with Party Chair Xi in Korea. I believe that meeting will still be on,” Bessent said in an interview with Fox Business Network.
China, too, left the door open for dialogue. The Commerce Ministry said Tuesday that Beijing remains open to talks, but warned that if the US insists on going the “wrong way” it will take “resolute measures.” Despite the spat, the two sides held working-level trade talks on Monday, in a move seen as an effort to de-escalate tensions and avoid a full-blown trade war.
These signals have raised cautious optimism that the two superpowers might work together behind-the-scenes over the next two weeks to lay the groundwork for a Trump-Xi summit and potentially reach a significant deal to reduce trade friction. The outcome could have an impact extending beyond Washington and Beijing, affecting global economy and supply chains for rare earths and critical technologies.
For South Korea, which has been seeking to lower the US’ “reciprocal” tariffs from 25 percent to 15 percent, officials pin high hopes that the APEC summit could serve as the venue to break the current deadlock.
Negotiations to hammer out details on a framework deal reached in late July have largely stalled over how to finance the $350 billion investment that Seoul had agreed to in return for tariff relief against South Korean goods.
The Korean government has made clear it cannot provide a cash investment in full as the US requested. It maintains that the investment should combine direct investment, loans and loan guarantees as agreed in the original pact, citing Korea’s lack of foreign reserves, which if paid directly could risk a dollar shortage and financial instability.
To cushion the potential impact on its foreign exchange market, Seoul has requested a currency swap with Washington.
In a sign of progress, the US recently offered a revised proposal to the deal, which Seoul is reviewing, according to Foreign Minister Cho Hyun on Monday during a parliamentary audit.
While details remain undisclosed, the deal reportedly includes an adjustment to the direct investment ratio and proposed currency swap.
Key Seoul officials are heading to the US this week to continue follow-up negotiations, including Finance Minister Koo Yun-cheol, who left Wednesday for the G20 and IMF meeting, and presidential chief of staff for policy Kim Yong-beom and Industry Minister Kim Jung-kwan, who depart Thursday.
Seoul aims to conclude the deal by late this month, in time for Trump’s visit to South Korea. The Foreign Ministry confirmed Trump will visit South Korea during the APEC week, though the exact date is undecided. A bilateral summit between Trump and President Lee Jae Myung is expected.
But the timing is tight. Trump is expected to stay in Korea for a short period, likely arriving Oct. 28 after a stop in Japan and staying for one or two days, according to sources. He may attend only the APEC CEO Summit and skip the leader’s session later in the week, complicating scheduling for potential US-China, US-Korea and Korea-China summits.
For the business community, the focus during the week will be the APEC CEO Summit, where global tycoons and tech leaders will converge, offering a rare chance to forge partnerships, to network and to showcase corporate clout.
Under the theme of “Bridge, Business, Beyond,” this year’s CEO summit, organized by the Korea Chamber of Commerce and Industry, will bring together over 1,700 global CEOs, renowned experts and senior economic leaders to discuss artificial intelligence, energy transition and digital innovation.
One of the more anticipated attendees is Nvidia CEO Jensen Huang, according to sources. During his visit, Huang is expected to hold separate meetings with SK Group Chair Chey Tae-won, who also heads the Korea Chamber of Commerce and Industry, and Samsung Electronics Chair Lee Jae-yong, potentially discussing cooperation in artificial intelligence chips and data center technologies.
OpenAI CEO Sam Altman is another high-profile figure speculated to attend. OpenAI recently launched a Korean subsidiary, in a move to strengthen partnerships with local companies. Earlier this month, Altman met with President Lee, Samsung’s Lee and SK’s Chey on a visit to Seoul. At that time, OpenAI announced partnerships with both conglomerates for the Stargate initiative, supplying chips for AI data centers.
Already confirmed attendees to the summit include Matt Garman, CEO of Amazon Web Services, Jane Fraser, CEO of Citigroup, Joaquin Duato, CEO of Johnson & Johnson, as well as key officials from TikTok, Naver, Deloitte and OpenAI.
Industry observers say the meeting of these business tycoons could result in major “big deal” from new AI partnerships to joint statements on issues such as digital governance, supply chain and sustainability.
sahn@heraldcorp.com
