• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
AsiaDonald Trump
Asia

‘Deal, no deal, or disaster’: Trump is leaving for an Asia trip that could define his second term

By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Chris Megerian
Chris Megerian
and
The Associated Press
The Associated Press
Down Arrow Button Icon
October 21, 2025, 11:15 AM ET
U.S. President Donald Trump, left, and Xi Jinping, China's president, shake hands during a news conference at the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017.
U.S. President Donald Trump, left, and Xi Jinping, China's president, shake hands during a news conference at the Great Hall of the People in Beijing, China, on Thursday, Nov. 9, 2017. Qilai Shen/Bloomberg via Getty Images

 President Donald Trump is expected to leave for Asia at the end of the week, betting that an around-the-world journey will help him untangle big issues that he can’t afford to get wrong.

Recommended Video

At stake is nothing less than the future of the global economy, which could hinge on whether he’s able to calm trade tensions during an expected meeting with Chinese leader Xi Jinping. A misstep could send shock waves through American industries that have already been rattled by Trump’s aggressive tariffs, government layoffs and political brinkmanship.

Trump’s strategy of improvisation has had both hits and misses since he returned to office in January. Hamas returned hostages to Israel but the ceasefire in the Middle East remains fragile; a trade war with China has ebbed and flowed this year; and Russia’s invasion of Ukraine hasn’t slowed down despite Trump’s efforts to resolve the conflict.

There’s been some mystery around Trump’s trip, with no official announcements from the White House about much of his itinerary. The president said Monday that he plans to go to Malaysia, which is hosting a regional summit, then Japan, where he’s trying to nail down foreign investment.

He’ll also visit South Korea, where he’s working on more trade issues and expects to sit down with Xi. Beijing has yet to confirm that they’ll meet, and the two leaders have recently exchanged threats of tariffs and export restrictions.

“I have a very good relationship with President Xi of China,” Trump told reporters aboard Air Force One on Sunday. He offered to lower tariffs but “they have to give us some things too,” including buying U.S. soybeans, reducing the flow of fentanyl ingredients and ending limits on rare earth minerals that are critical for high-tech manufacturing.

Trump expressed even more confidence on Monday, saying, “I think we’re going to end up having a fantastic deal with China” and “it’s going to be fantastic for the entire world.”

This will be Trump’s first trip to Asia in his second term

With just days to go before Trump leaves, there’s an unusual level of ambiguity even for a president who loves to keep people guessing about his next move.

“The whole trip has seemed so uncertain from the beginning,” said Bonnie Glaser, a managing director at the German Marshall Fund, a Washington-based think tank.

It’s Trump’s first trip to Asia since returning to office. Although he’s hosted leaders from the region at the White House, he hasn’t forged the kind of foundational relationships that he has on other continents.

Anna Kelly, a spokesperson for the president, responded to a list of questions about Trump’s plans by saying he “will participate in meetings and events in Asia that will result in many great deals for our country.” She added, “Stay tuned!”

Trump’s approach to Asia has focused on using tariffs to realign what he describes as unfair trade practices, unnerving countries that depend on the United States as the world’s largest market for exports. There’s also anxiety about Trump’s meeting with Xi, and the potential that a feud between the two leaders could send the international economy into a tailspin.

“There will be some appreciation for the fact that he’s there, but I don’t think it will go far enough to quell the doubts that are pervasive in the region,” Glaser predicted.

The Republican president has downsized his foreign policy team since his first term, eschewing the typical array of advisers at the National Security Council in favor of a core group of loyalists.

“There’s not very many White House staff to do this kind of work,” said Rush Doshi, who worked on China policy under President Joe Biden. “All of this puts us in uncharted waters.”

Michael Green, who worked on President George W. Bush’s National Security Council and now leads the United States Studies Centre in Sydney, Australia, said there’s been no clear Asia strategy from Trump.

“Everyone is waiting to see where he’s going to come down on all of this,” he said.

Others say Trump’s approach is paying off. Anthony Kim, a research fellow in international economic affairs at the Heritage Foundation, said Japan and South Korea are eager to work with the administration to solidify partnerships.

The message from them has been “let’s sit down, talk about relevant details to make a deal,” Kim said.

Trump’s plans remain in flux as the trip approaches

Malaysia is hosting the Association of Southeast Asian Nations, an annual summit that Trump attended only once during his first term, even skipping it when it was held virtually during the COVID-19 pandemic.

However, this year the summit offers an opportunity to highlight Trump’s peacemaking efforts, which he’s made central to his foreign policy agenda.

Thailand and Cambodia skirmished along their disputed border over the summer, and Trump threatened to withhold trade deals with each country if they didn’t stop fighting.

“They were willing to come together and talk to avoid more economic pain,” said Ja Ian Chong, a political science professor at the National University of Singapore.

Malaysia and the U.S. have been working toward securing an expanded ceasefire. The Malaysian foreign minister said Trump “looks forward” to the signing of an agreement at the summit.

Trump’s next stop is Japan. Washington and Tokyo reached a trade agreement earlier this year, which included the promise of $550 billion of investments in U.S. projects.

Japan is in a moment of political transition, with Sanae Takaichi elected Tuesday to be the country’s first female prime minister.

Takaichi is a protégé of Shinzo Abe, a former prime minister who was assassinated after leaving office. Trump was close with Abe during his first term, and Green said Takaichi “has the potential to also play that role.”

Working with Trump and keeping him committed to U.S. alliances “requires a level of interaction and trust that none of the Asian leaders have,” Green said.

South Korea is Trump’s final stop on his trip

The climax of the president’s journey will likely be South Korea, which is hosting this year’s Asia-Pacific Economic Cooperation summit. Trump has said he’ll sit down with Xi while he’s there.

Tensions have increased in recent weeks, particularly with China’s announcement of restrictions on exports of rare earth minerals. Trump threatened to retaliate with tariffs so high that he admits they would be unsustainable.

Doshi, the former Biden adviser, said there are three potential outcomes from Trump’s meeting with Xi — “deal, no deal or disaster.” He said China is emboldened after Trump backed down on an earlier tariff announcement when Beijing restricted the export of rare earth magnets.

“The Chinese feel they have President Trump’s number,” Doshi said. “They feel that if they push on this, he’ll fold.”

Trump said Monday that China has “treated us with great respect” since he’s been in office. He said “I could threaten them with many other things,” but “I want to be good to China.”

Another open question will be Trump’s trade negotiations with South Korea, which is facing U.S. tariffs that could undermine its auto industry. However, Seoul has balked at Trump’s demand for a $350 billion investment fund similar to the one in Japan.

“There’s some momentum to the talks,” said Wendy Cutler, who spent more than two decades as a U.S. trade negotiator and is now senior vice president at the Asia Society. “But I don’t want to overstate it, because there are some fundamental differences about this fund that need to be sorted out.”

She said it’s not unusual for talks to go down to the wire, but this time “there are so many balls in the air.”

___

Associated Press writer Josh Boak contributed to this report.

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.
About the Authors
By Chris Megerian
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon

Latest in Asia

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Asia

AsiaSoutheast Asia 500
Two Southeast Asia 500 companies may merge—forming Malaysia’s largest construction conglomerate
By Angelica AngJanuary 13, 2026
18 hours ago
AsiaFintech
Ascend Money wants to finance the 10 million-plus Thais currently being ignored by traditional banks stuck in the past
By Nicholas GordonJanuary 13, 2026
23 hours ago
grok
AISocial Media
Grok blocked in Malaysia and Indonesia as sexual deepfake scandal builds
By Eileen Ng, Edna Tarigan and The Associated PressJanuary 12, 2026
1 day ago
AISocial Media
Malaysia and Indonesia move to ban Musk’s Grok AI over sexually explicit deepfakes
By Angelica AngJanuary 12, 2026
2 days ago
AsiaChina
What global executives need to ask about China in 2026
By Joe Ngai and Jeongmin SeongJanuary 11, 2026
2 days ago
InvestingFintech
Asia’s cash savings are double the U.S. rate. Fintech platforms like Syfe want to change that
By Angelica AngJanuary 9, 2026
4 days ago

Most Popular

placeholder alt text
Economy
Treasury spent $276 billion in interest on the national debt in the final three months of 2025, says the CBO—up $30 billion from a year prior
By Eleanor PringleJanuary 12, 2026
2 days ago
placeholder alt text
Newsletters
The oil CEO who stood up to Trump is a follower of the disciplined 'Exxon way' and has a history of blunt statements
By Jordan BlumJanuary 13, 2026
18 hours ago
placeholder alt text
Tech
Elon Musk asked people to upload their medical data to X so his AI company could learn to interpret MRIs and CT scans
By Sasha RogelbergJanuary 11, 2026
2 days ago
placeholder alt text
Economy
The longer the Supreme Court delays its tariff decision, the better it is for President Trump
By Jim EdwardsJanuary 13, 2026
17 hours ago
placeholder alt text
Success
Despite his $2.6 billion net worth, MrBeast says he’s having to borrow cash and doesn’t even have enough money in his bank account to buy McDonald’s
By Emma BurleighJanuary 13, 2026
12 hours ago
placeholder alt text
Success
An exec at $62 billion giant Colgate says Gen Z workers, despite getting flak for being woke and lazy, are actually ‘pushing us to get better’
By Emma BurleighJanuary 10, 2026
4 days ago

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.