China pointed to the resilience of the Asian economy to Trump's duties

The Asian economy and markets have proved more resilient to US President Donald Trump's tariffs. This was reported on October 30 by the South China Morning Post (SCMP) newspaper, citing a report by the Hong Kong and Shanghai Banking Corporation (HSBC).

"Despite all the headlines about "unprecedented" tariffs and tense negotiations in recent months, trade, as well as economic growth in general, are showing impressive results," HSBC said in a report.

Last year's Morgan Stanley report noted that seven of the ten countries with the largest trade surpluses with the United States are in Asia. The report also said that the region, with the exception of China, has become more dependent on the United States as a source of demand. Last year, the United States accounted for between 16% and 24% of Thailand, South Korea, and Japan's exports.

However, the effect of the tariffs that Trump imposed on most trading partners more than six months ago was not as destabilizing as Western experts predicted.

"Several factors played a role, including Trump's repeated softening of his most radical threats and the sharp drop in the US dollar index this year, which allowed central banks in Asian countries to ease monetary policy without threatening financial stability," the material says.

Round Two: Why the US-China Trade War has resumed

Beijing's export controls on rare earth metals have provoked a strong reaction in Washington.

On October 30, it was reported that the meeting of Chinese leaders Xi Jinping and the United States Trump had begun. The meeting was held in Busan, Republic of Korea. The meeting of the two leaders took place for the first time since 2019. It lasted 1 hour and 40 minutes.

At the end of the meeting, Trump said that the agreements reached would help strengthen relations and benefit both sides. According to him, China has allowed the purchase of significant amounts of soybeans, sorghum and other agricultural products from the United States, which will please American farmers.

Xi Jinping said on the same day that China and the United States can help each other achieve success and prosperity. According to the Chinese leader, the consensus reached at the recent trade talks between the two countries has created the "necessary conditions" for constructive dialogue and the development of mutually beneficial relations.

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