San Francisco: In a highly anticipated encounter, US President Joe Biden and Chinese President Xi Jinping are set to meet today, ahead of the Asia Pacific Economic Cooperation (APEC) forum in San Francisco. This meeting comes at a time of heightened tensions between the two superpowers, with concerns over their escalating rivalry.
The summit aims to improve communication and prevent the rivalry from spiralling into conflict. Key topics of discussion include global issues, Taiwan, and trade relations. Biden is expected to reaffirm US support for allies in the Indo-Pacific and address Chinese pressure on Taiwan.
The White House hopes to achieve specific outcomes, including progress in rebuilding military ties and addressing fentanyl trafficking. Potential deals may involve lifting human rights sanctions on China in exchange for cooperation on fentanyl.
While no major breakthroughs are anticipated, market participants are closely monitoring the talks for potential impacts on US-China relations. Positive developments could temporarily ease tensions, but uncertainties remain due to upcoming elections in Taiwan and the 2024 US presidential vote.