Busan [South Korea], October 30 (ANI): US President Donald Trump and Chinese President Xi Jinping met in person on Thursday in Busan, South Korea, as both countries worked to ease tensions following months of trade disagreements.

At the start of their bilateral discussions, Trump welcomed Xi, saying, 'An honour to have you with us,' setting a positive tone for the high-stakes meeting between the two global powers.

The meeting came a day after Trump delivered a wide-ranging address at a business luncheon on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, where he said he expected to seal a 'great deal' with China that would be 'good for both countries' and 'something very exciting for everybody,' Al Jazeera reported.

'That's really a great result. That's better than fighting and going through all sorts of problems. No reason for it,' Trump added.

The Busan engagement marks Trump and Xi's first in-person interaction since Trump's return to the White House, and their first meeting since the 2019 Group of 20 summit in Osaka, Japan.

The talks come as Washington and Beijing attempt to stabilise ties strained by tariffs, trade barriers, and economic retaliation. Trump's tariff measures in his second term and China's curbs on rare earth exports have intensified the need for constructive dialogue, with trade and regional security topping the agenda.

Speaking aboard Air Force One earlier on Wednesday, Trump said he expected the agreement with China to solve 'a lot of problems,' including lowering tariffs on Chinese goods in exchange for Beijing taking steps to curb fentanyl production.

The US President has imposed a 20 per cent tariff on Chinese imports, accusing Beijing of failing to stop the flow of chemicals used to manufacture the deadly opioid, Al Jazeera reported.

US officials have indicated that the potential deal could include a deferral of China's planned export controls on rare earth minerals and a rollback of additional US tariffs, along with a commitment by Beijing to increase purchases of American agricultural products.

China's Ministry of Foreign Affairs confirmed on Wednesday that Xi would meet Trump, saying the two leaders would hold 'in-depth communication on strategic, long-term issues related to China-US relations and major issues of common concern,' according to spokesperson Guo Jiakun, as reported by Al Jazeera.

The Busan meeting took place just ahead of the 32nd APEC Economic Leaders' Meeting in Gyeongju, scheduled from October 31 to November 1, where leaders from 21 Pacific Rim nations are expected to discuss regional economic growth and cooperation.

Trump's remarks, his optimism about a 'great deal,' and the subsequent meeting with Xi have drawn global attention as both sides seek to find common ground amid rising economic and geopolitical challenges. (ANI)