Trump Nears $350B US–South Korea Deal; Albanese Defends Ties

South Korean President Lee Jae Myung hosted an APEC gala in Gyeongju attended by around 400 guests and regional leaders. In Gyeongju Prime Minister Anthony Albanese dined with U.S. President Donald Trump, who said a $350 billion U.S.–South Korea trade deal was "pretty much finalised" and expressed optimism about relations with North Korea. Trump also downplayed China’s rare-earth export restrictions as a "disturbance" and said tariffs were the bigger issue ahead of his meeting with Xi Jinping. Returning to Australia, Albanese struck a combative tone toward the media, defended his close relationship with Trump and rejected calls to replace ambassador Kevin Rudd. Albanese is traveling to Kuala Lumpur for the ASEAN and East Asia summits before APEC as leaders navigate mounting U.S.–China trade tensions.