Washington DC [US], September 1 (ANI): US President Donald Trump on Monday (local time) announced from the Oval Office that he is preparing to host Chinese President Xi Jinping for a high-stakes bilateral summit in Washington later this month, following months of diplomatic engagement, including President Trump's state visit to Beijing in May this year.

Speaking to reporters, President Trump expressed optimism about the meeting, emphasising a strong personal rapport while signalling that a broad agenda, spanning global security, trade, and human rights, will be on the table.

'He's coming in a couple of weeks. He looks forward to it, I look forward to having him. We've had a very good relationship... He's a man I have a lot of respect for. I think he respects me and I think he respects our country,' Trump remarked.

Taking a swipe at previous US leadership, Trump added that China's perception of American leadership has shifted dramatically over his tenure: 'He (Xi) didn't respect our country two years ago. He thought our country was run by fools and he was right. Now we are the hottest country in the world right now.'

When pressed on whether he would lobby for the release of Nelson Wells Jr. and Dawn Michelle Hunt, two American citizens held in China for over a decade, Trump noted, 'I'll speak to him about a lot.'

Preparations for the summit were set in motion earlier by US Secretary of State Marco Rubio. Speaking ahead of the ASEAN foreign ministers' meeting in the Philippines, Rubio confirmed that Beijing and Washington had been laying the groundwork for the September visit, aiming to manage strategic friction points responsibly.

'We anticipate that the trip is happening in September,' Secretary Rubio said ahead of the meeting with ASEAN foreign ministers in the Philippines in July.

The upcoming summit takes place against the backdrop of an uneasy economic landscape between the world's two largest economies. While both nations are navigating a temporary trade truce, deep-seated economic tensions continue to strain bilateral ties.

While both sides have signalled willingness to stabilise ties, the summit is expected to be dominated by unresolved friction points: Intermittent threats of reciprocal tariffs and retaliatory levies on key agricultural goods and critical raw materials; heightened US restrictions on advanced semiconductor exports and AI technologies facing Chinese countermeasures on critical minerals; disagreements over trade surpluses, currency policies, and manufacturing dependencies and regional flashpoints, including maritime disputes in the South China Sea and global shipping disruptions around the Strait of Hormuz.

Despite the strategic rivalry, both sides have indicated a willingness to extend temporary trade waivers to preserve global market stability. (ANI)