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GYEONGJU, South Korea/TOKYO -- South Korea is hosting this year's Asia-Pacific Economic Cooperation forum in the southeastern city of Gyeongju. Beyond the leaders summit itself, which runs Friday and Saturday, a number of high-pressure bilateral meetings are being held.
South Korean President Lee Jae Myung, who took office in June, is in the spotlight as counterparts including U.S. President Donald Trump, Chinese President Xi Jinping and new Japanese Prime Minister Sanae Takaichi converge in his country.
Follow the flurry of diplomacy over the coming days with Nikkei Asia.
Further reading:
Japan, South Korea leaders vow to foster 'future-oriented' relations
Xi tells Trump that 'reality demands' China-US friendship
US and South Korea agree to trade deal at APEC summit
Trump and Xi supercharge South Korea's APEC: 5 things to watch
Trump in Japan: How the US president's stay unfolded
Japan, US agree to shipbuilding cooperation as China builds capacity
Here are the latest updates (local time):
Friday, October 31
1:42 p.m. APEC leaders are working to finalize a joint declaration as divisions over trade and multilateralism continued to test the unity of their 21-member bloc, Nikkei Asia's Kim Jaewon writes.
South Korean Foreign Minister Cho Hyun said that "talks are progressing toward consensus," though added it is hard to say if the term "free trade" will appear in the declaration.
Cho's country, which is hosting APEC for the first time in two decades, is playing a mediating role to ensure the summit ends with agreement on the Gyeongju Declaration.
Analysts say that some disagreements between the U.S. and other member economies over multilateralism in trade are possible.
"The point of contention is probably that ... there are many member economies which say 'we should strengthen the multilateral system and bolster the multilateral framework,'" said Lee Jae-min, professor of international law at Seoul National University School of Law. "However, the U.S., along with some nations sharing a similar stance, may have reservations about pushing it too hard."
1:29 p.m. Spouses of the leaders have been taken on a tour around Gyeongju.
1:04 p.m. Click here for a link to Xi's speech provided by China's Ministry of Foreign Affairs.
12:50 p.m. Chinese President Xi Jinping on Friday put forward a five-point proposal for promoting a universally beneficial and inclusive economic globalization and building an Asia-Pacific community, according to Chinese state media.
At the first session today, he called for joint efforts to safeguard the multilateral trading system, build an open regional economic environment, maintain the stability and smooth flow of industrial and supply chains, promote digitalization and greening of trade, as well as promote universally beneficial and inclusive development.
12:45 p.m. The leaders are now sitting down for lunch with business leaders from APEC member nations. There has been a separate CEO summit running this week in Gyeongju. South Korea's Lee will give a speech.
11:05 a.m. As we await the next developments, here are some nice views of the river area outside the media center. This area is a well known for tourism. Gyeongju, in the southeast of South Korea, was the capital of the ancient Silla kingdom (57 BC - 935 AD) and is known as a "museum without walls" for its relics, temples, palaces and tombs.
10:10 a.m. Lee makes opening remarks as the APEC Economic Leaders' Meeting begins. He says it is a great honor to be APEC chair, and according to the translation provided by the hosts, says that greater openness is driving prosperity among member.
He also says:
- "World order stands on a great turning point"
- "Only togetherness can lead to a better future"
- "National interest may not always align"
9:58 a.m. Chinese President Xi Jinping was the final person to greet Lee on the red carpet. This is the first time the two leaders have met since Lee took office in June.
9:30 a.m. Leaders begin to arrive to greet Lee. First up was IMF Managing Director Kristalina Georgieva. Treasury Secretary Scott Bessent is representing the U.S.
9:17 a.m. South Korean President Lee Jae Myung looks out of a window as he awaits the arrival of leaders on a red carpet.
9:15 a.m. Good morning from a crowded media center in Gyeongju. Today we have another busy day of events. Some highlights include a speech by Nvidia CEO Jenson Huang, a possible first summit between new Japanese Prime Minister Sanae Takaichi and Chinese President Xi Jinping, plus of course the first day of the actual APEC meetings and a gala dinner this evening.
Thursday, October 30
8:00 p.m. The Lee-Takaichi meeting lasted for about 45 minutes, more than twice as long as it was supposed to. The South Korean president told the new Japanese leader: "In the volatile international situation and trade environment, South Korea and Japan are neighboring countries that have a lot in common. So I think that we need to strengthen future-oriented cooperation now more than ever."
Afterward, Takaichi acknowledged the neighbors' differences but vowed to manage the ties and "develop Japan-South Korea relations in a future-oriented and stable manner."
6:50 p.m. Japan's Takaichi is meeting with South Korea's Lee now.
6:00 p.m. Philippine President Ferdinand Marcos Jr. arrived in South Korea a short while ago. Before his trip, he spoke to reporters, saying that "we must recognize the immense economic gravity of the APEC region."
"We convene at a critical juncture, defined by evolving geopolitical landscapes, supply chain disruptions, threats of climate change and the urgent need for equitable and inclusive growth," Marcos said. He vowed to demonstrate the Philippines' commitment to economic partnerships and a favorable business environment, and said participation in APEC would help "produce concrete, meaningful outcomes that enhance cooperation, drive connectivity, and promote inclusive prosperity."
5:45 p.m. Starting her visit to South Korea, Japan's Takaichi posts on X about her expectations for the APEC summit, saying it will not only discuss trade and investment but also challenges like AI and demographics. She says that in her talks with South Korea's Lee and other leaders, she will aim to "firmly establish trust."
4:45 p.m. South Korean Foreign Minister Cho Hyun tells reporters that APEC member states are "very close" to reaching an agreement on a joint statement, but he would not specify any of the possible contents. "Many members are still engaging in last-minute negotiations so I'm not in a position to make predictions," Cho says.
3:30 p.m. Japanese Prime Minister Sanae Takaichi arrives in South Korea to shore up the neighbors' relations and make her debut at APEC.
3:20 p.m. Trump departed South Korea on Thursday without having held a meeting or had any known contact with Kim Jong Un, after having said early in his Asia swing that he would be happy to meet with the North Korean leader.
"We never were able to talk because I was so busy," Trump says aboard Air Force One. However, he floats the possibility of a return visit to the region to meet Kim. "I'd come back, with respect to Kim Jong Un. I had a great relationship with Kim Jong Un. He doesn't like too many people other than me."
3:05 p.m. Trump's comment earlier today on restarting U.S. nuclear weapons tests has raised both questions and eyebrows. Hans Kristensen, a well-known authority on nuclear arms, has posted a lengthy rebuttal on X.
2:00 p.m. Speaking to reporters aboard Air Force One, Trump says he won't divulge everything, but rattles off a lengthy list of topics he discussed with China's Xi. He says he is cutting 10 percentage points off U.S. tariffs on Chinese goods, while Beijing has agreed to buy American soybeans and keep rare-earth materials flowing. He says Taiwan did not figure in the talks.
1:15 p.m. Trump departs for the U.S. aboard Air Force One, concluding the first Asia tour of his second presidency. The visit took him to Malaysia for the ASEAN summit, to Japan to connect with new Prime Minister Sanae Takaichi, and finally to South Korea, where he finalized a trade deal with President Lee Jae Myung and held today's high-stakes summit with Xi.
1:05 p.m. As they leave their summit, news footage shows Trump and Xi chatting one on one.
12:50 p.m. Chinese state broadcaster CCTV says Xi's meeting with Trump has ended. It lasted about an hour and 40 minutes.
12:20 p.m. Here's some footage of the moment Trump and Xi shook hands for the cameras.
11:55 a.m. Trump, Xi and their aides are huddling in Busan. At the start of their meeting, Xi told Trump that China and the U.S. should be "partners and friends."
"I always believe that China's development goes hand in hand with your vision to make America great again," the Chinese president said.
11:00 a.m. Just before meeting with China's Xi, Trump made a post on Truth Social declaring plans to start testing nuclear weapons, without clarifying exactly what that would entail.
"The United States has more Nuclear Weapons than any other country. This was accomplished, including a complete update and renovation of existing weapons, during my First Term in office. Because of the tremendous destructive power, I HATED to do it, but had no choice! Russia is second, and China is a distant third, but will be even within 5 years. Because of other countries testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis. That process will begin immediately. Thank you for your attention to this matter!"
10:53 a.m. China's state broadcaster CCTV reports that Xi's summit with Trump has started.
10:50 a.m. With Trump and Xi due to meet shortly, after weeks of speculation, here's a quick refresher on where things stand in their countries' fraught trade relationship.
10:30 a.m. Chinese President Xi has arrived in Busan, where he is due to meet Trump, Chinese state media says.
10:20 a.m. South Korean President Lee Jae Myung celebrated his trade deal with the U.S. in a post on X on Thursday morning, echoing Trump's tendency for effusive phrases. "What a great and beautiful deal!," Lee wrote, adding, "Together, we were able to reaffirm the true value of the alliance built on long-standing friendship and cooperation."
Lee's policy secretary announced the terms of the agreement on Wednesday night, saying that the two sides had agreed on how to disburse a $350 billion investment in the U.S. by Seoul in exchange for lower tariffs. "President Trump and I will continue to work shoulder-to-shoulder for peace and prosperity," Lee wrote in the English-language part of his post.
9:30 a.m. Xi Jinping has left China for South Korea, according to media reports.
9:00 a.m. With Trump and Xi set to meet in Busan in a couple of hours, U.S. Treasury Scott Bessent says on X that the announcement following their summit will be a "resounding victory for our great farmers." China's lack of American soybean orders this year has been a major point of contention in the relationship. Wire service Reuters on Wednesday reported that a Chinese state company had already made a modest purchase of the legumes.
7:00 a.m. Trump said Thursday morning that he would permit South Korea to build nuclear-powered submarines, a potentially significant departure from the two countries' longstanding defense arrangement.
Writing on his Truth Social page, the U.S. president said that following his agreement the previous evening over trade terms with his South Korean counterpart, he would grant permission for the building of nuclear-powered submarines, "rather than the old fashioned, and far less nimble, diesel powered Submarines that they have now."
Trump added in a subsequent post that the submarines would be built at a shipyard in Philadelphia, U.S.
Under the terms of the trade deal announced on Wednesday, in exchange for lowered tariffs, South Korea is set to provide $200 billion in annualized cash payments, with the remaining $150 billion going to shipbuilding projects.
South Korea is a major shipbuilding country, and reviving the American sector has been a key priority of Trump, who added on Truth Social that his time in South Korea was "A great trip, with a great President of South Korea!"
Wednesday, October 29
8:50 p.m. The U.S. and South Korea have agreed to the terms of a trade deal, with Seoul planning to provide $200 billion in cash of a total $350 billion in stateside investment in return for lower tariffs.
7:30 p.m. Ahead of her departure for APEC on Thursday, Japanese Prime Minister Sanae Takaichi held a phone call earlier on Wednesday with Indian Prime Minister Narendra Modi. The Quad partners reaffirmed their shared values and interests, with Takaichi saying she "would like to continue to work together, including through Japan-U.S.-Australia-India cooperation, to realize a 'Free and Open Indo-Pacific,'" according to Japan's foreign ministry. She also called for bilateral cooperation on security, the economy, investment, innovation and people-to-people exchanges.
Modi congratulated her on becoming prime minister and said he looks forward to advancing concrete cooperation, according to the readout.
7:00 p.m. Lee gathers a number of dignitaries for a special APEC dinner "in honor of President Donald J. Trump and State Leaders." The guests also include Singapore's Lawrence Wong, Thailand's Anutin Charnvirakul and Australia's Anthony Albanese, among others. Local media reports say the banquet menu features dumplings made with truffles and Korean black chicken, with wine from a winery belonging to Eric Trump, the president's son.
5:20 p.m. Korean food is one front in the burgeoning soft power the APEC host country is eager to show off, along with its music, film and television. Both modern and traditional Korean grub can meld tastes, at times combining salty, sweet and spicy flavors in ways that international visitors may not expect.
The APEC media center, where hundreds of reporters from around the world are at work, offers a selection of traditional and modern Korean snacks. One is hwangnam bread, a Gyeongju specialty that features red bean paste inside soft, sweet bread.
Paris Baguette, a major South Korean bakery chain known for sweet offerings, is operating a booth with baked goods bearing characters from Netflix hit "K-Pop Demon Hunters." Among those is another red-bean-paste-filled snack and a Korean take on streusel bread.
For media members seeking something savory, instant kimchi fried rice is available alongside microwaves to heat it up. A salty option is seaweed chips with the flavor of buttered squid, produced by South Korean instant food giant Bibigo. The package on display in Gyeongju features K-pop group Seventeen.
5:00 p.m. China's foreign ministry confirms that a Xi-Trump meeting is on for Thursday. It says the leaders will exchange views on bilateral relations and issues of mutual interest. While the meeting has been repeatedly touted by the U.S. side, Beijing had not explicitly confirmed it.
4:45 p.m. BTS leader Kim Namjoon, better known as RM, spoke earlier at the CEO Summit and stressed the importance of promoting culture. "When you think about investing in tomorrow's generations, think about culture as well as economics," the boy band star said. Calling culture and art a "powerful force," he said that "they are the fastest messengers that carry diversity and resonance."
4:40 p.m. Japan and China are working to arrange a summit between Prime Minister Takaichi and President Xi on Friday, Kyodo reports.
4:15 p.m. Trump suggests that a meeting with North Korean leader Kim Jong Un may not be in the cards after all.
"I know Kim Jong Un very well. We get along very well," Trump is quoted as saying by South Korea's Yonhap news agency, at his summit with Lee. "We really weren't able to work out timing."
Trump had repeatedly expressed interest in seeing Kim again during this Asia tour, after the two met three times during his first presidency. At one point, the U.S. leader had indicated he would be willing to extend his trip -- due to end Thursday -- in order to do so. "If he'd like to meet, I'm around. I'll be in South Korea, so I can be right over there," Trump had said on his way to Japan.
But one expert told Nikkei Asia that Kim was likely more wary of the U.S. now. Pyongyang continues to keep the region on edge with its nuclear weapons and missile programs, along with its cooperation with Russia in the Ukraine war.
"We'll have other visits, and we'll work very hard with Kim Jong Un and with everybody on getting things straightened out because that makes sense," Trump says.
3:55 p.m. Here's a picture of the crown Lee's government presented to Trump as a gift.
2:39 p.m. Lee starts his summit with Trump. The South Korean president is under pressure to work out differences over a major investment deal the U.S. extracted from Seoul in return for lower tariffs. The pact remains unfinalized.
1:50 p.m. Trump finishes a speech to the APEC CEO Summit. In the wide-ranging address, he reiterates his optimism for his expected meeting with China's Xi on Thursday.
"President Xi of China is coming tomorrow here and we're going to be, I hope, making a deal," Trump says. "I think it'll be a good deal for both. And that's really a great result, you know, that's better than fighting and going through all sorts of problems."
1:45 p.m. The mayor of Pohang, which is home to POSCO and represents the center of South Korea's steel industry, tells Nikkei Asia at an investment event in the city that tariffs on the metal were too high.
"The U.S. shouldn't make excessive demands. From the U.S. perspective, maybe they think they can make those requests, but from Korea's standpoint, some of them are impossible to accept," says Mayor Lee Kang-deok. "Korea is a small country, while the U.S. is a big one. A small country has a harder time solving the same problems that a big country can handle more easily."
He continues: "Especially in our city, Pohang -- since our economy is tied to the steel industry -- the tariffs on steel are too high, way too high. Our whole steel industry is facing a risk of collapse. If Korea's steel industry collapses, Korea will suffer the most, but the U.S. will also be affected, since it's part of the same supply chain."
The U.S. raised tariffs on imported steel from South Korea to 50% in June. This prompted Mayor Lee and members of his city government to protest outside the White House in September against the import tax.
1:20 p.m. Lee's office says that Trump's visit marks "a historic milestone" as it makes him the first foreign leader to be received twice as a state guest in South Korea. The two will soon discuss matters related to development of their bilateral alliance, including, "trade, investment, economic and security cooperation, alliance modernization, and peace on the Korean Peninsula," the statement says.
12:25 p.m. Trump and his entourage were treated to a view of Japan's Mount Fuji on their way to South Korea.
12:05 p.m. One of the most closely watched meetings on the margins of APEC is likely to be a Trump face-off with China's Xi. The White House has said they will meet Thursday morning, although the Chinese side has yet to confirm this. Negotiators from both countries spent last weekend hammering out a "framework" for the leaders to discuss.
Trade, rare-earth minerals and TikTok are among the topics Trump and Xi are expected to talk about. Speaking to reporters aboard Air Force One during the short flight from Japan to South Korea, Trump touched on another: Taiwan.
Some observers have raised concerns that the U.S. president, with his penchant for dealmaking, could bend on Taiwan, such as by saying he "opposes" its independence. Beijing claims Taiwan as its own, and such language would be considered a meaningful change from Washington's boilerplate position that it "does not support" independence.
"I don't know that we'll even speak about Taiwan," Trump said, according to NBC News. "I'm not sure. I mean, he may want to ask about it. There's not that much to ask about it. Taiwan is Taiwan."
11:55 a.m. Trump disembarks from his plane and receives a red-carpet welcome. He heads to a waiting Marine One helicopter, which will ferry him to the next leg of a hectic regional tour.
11:35 a.m. Air Force One lands in Busan. A military honor guard is waiting to greet the U.S. president.
11:30 a.m. Not everyone is happy about APEC and Trump's attendance. News footage shows a small group of protesters gathered in Gyeongju.
11:00 a.m. The stage is set for one of the first big moments of APEC week, as South Korean President Lee will be meeting with Trump this afternoon. They are due to hold a summit at the Gyeongju National Museum, according to local media. A series of activities are also planned to underscore close bilateral ties, with Lee due to present Trump with a custom-made replica of a 6th-century golden crown as a gift.
10:40 a.m. South Korean President Lee sums up the stakes of this week's meetings at the APEC CEO Summit. "In an era where protectionism and nationalism are on the rise ... the words 'cooperation, coexistence, and inclusive growth' may sound hollow," he says. "Paradoxically, APEC's role as a platform for solidarity will shine even brighter in times of crisis like these."
