Busan [South Korea], October 30 (ANI): United States President Donald Trump on Thursday said he had a 'truly great meeting' with Chinese President Xi Jinping in South Korea, where the two leaders reached several key agreements to ease trade tensions and boost cooperation on multiple issues.

In a post on his Truth Social platform, Trump wrote, 'I had a truly great meeting with President Xi of China. There is enormous respect between our two countries, and that will only be enhanced with what just took place. We agreed on many things, with others, even of high importance, being very close to being resolved.'

Trump said President Xi had authorised China to begin purchasing 'massive amounts' of American farm goods, including soybeans and sorghum, a move he described as 'a great gesture' towards US farmers.

'Our farmers will be very happy! As I said once before during my first Administration, farmers should immediately go out and buy more land and larger tractors,' he wrote, thanking Xi for the decision.

Speaking to reporters aboard Air Force One while returning to Washington, Trump said, 'Large amounts of soybeans and other farm products are going to be purchased, starting immediately. President Xi authorised it yesterday, and I appreciated that. It was a very nice gesture.'

Earlier this year, China stopped buying US soybeans after Trump announced higher tariffs on Chinese imports, leaving American farmers with huge unsold stocks. The Trump administration had even considered a financial aid plan to support farmers, but the prolonged government shutdown had delayed it, as per CNN.

The administration has been considering a bailout package to assist farmers, but the recent government shutdown complicated matters, casting doubt on whether such aid will be delivered.

Trump also announced that Washington and Beijing had reached a one-year trade pact that would reduce tariffs on Chinese imports from 57 per cent to 47 per cent.'We have a deal,' Trump said. 'Every year we'll renegotiate the deal, but I think it will go on for a long time, long beyond the year.'

The 10 per cent tariff reduction, he said, came after China agreed to take 'strong action' against the smuggling of fentanyl, a deadly synthetic drug that had caused a significant crisis in the United States.

'It was 57, now it's 47. We reduced it by the fentanyl because I believe they are really taking strong action,' he said. 'We've already seen the action on fentanyl, and they're taking very strong steps.'

Trump said China also agreed to buy American energy, including oil and gas from Alaska, and to continue the flow of rare earth minerals, magnets, and other critical materials 'openly and freely.'

He mentioned that a 'large-scale energy deal' between US and Chinese companies might take place soon, with energy leaders from both countries expected to meet to finalise the agreement.

According to the White House, the issue of rare earth minerals, crucial for electronics and defence industries, has now been 'settled.'

Wrapping up his five-day trip to Asia, Trump thanked Asian countries for their hospitality. 'After this historic trip to Asia, I am now heading back to Washington, D.C. I want to thank the great countries of Malaysia, Japan, and South Korea for being so generous, gracious, and hospitable,' he wrote in his Truth Social post.

He also thanked Australia, Canada, New Zealand, Singapore, Thailand, and Vietnam for attending a dinner hosted by South Korean President Lee Jae Myung.

'Hundreds of billions of dollars are being brought into our country because of them. Our nation is strong, respected, and admired again, and the best is yet to come!' Trump posted.

The Trump-Xi meeting came amid heightened tensions between the world's two largest economies, following months of trade disputes and export restrictions. Earlier this month, Beijing imposed curbs on critical exports, while Washington warned of possible bans on software-based exports to China.

The discussions took place just a day before the APEC Economic Leaders' Meeting in Gyeongju, scheduled from October 31 to November 1. The US had earlier said its goals included curbing the flow of fentanyl, ensuring TikTok's divestment from ByteDance, and addressing issues related to tariffs and technology access.

Before Trump's return to Washington, the White House described his Asia tour as a 'remarkable trip' marked by 'major diplomatic and economic breakthroughs.'

During his visits to Malaysia, Japan, and South Korea, Trump attended the signing of the Cambodia-Thailand peace deal, met Japan's first female Prime Minister, Sanae Takaichi, and held the much-awaited meeting with Xi Jinping.

According to a White House-affiliated post on X, Trump's visit 'secured billions of dollars in new investments, announced the end of a regional conflict, and led to a historic agreement with China.' (ANI)