U.S. President Donald Trump met face-to-face with Chinese leader Xi Jinping on Thursday, a chance for the leaders of the world's two largest economies to stabilize relations after months of turmoil over trade issues.

Trump's aggressive use of tariffs since returning to the White House for a second term combined with China's retaliatory limits on exports of rare earth elements have given the meeting newfound urgency.

There is a mutual recognition that neither side wants to risk blowing up the world economy in ways that could jeopardize their own country's fortunes.

“We’re going to have a very successful meeting, I have no doubt,” Trump said as they shook hands.

The U.S. president added Xi is a “very tough negotiator,” with Trump saying they “could” sign a deal but they have a “great understanding” of each other.

When the two were seated, Xi read prepared remarks that stressed a willingness to work together despite differences.

In the days leading up to the meeting, U.S. officials have signaled that Trump does not intend to make good on a recent threat to impose an additional 100% import tax on Chinese goods — and China has shown signs it is willing to relax its export controls on rare earths and also buy soybeans from America.

Trump went further aboard Air Force One on his way to South Korea, telling reporters he may reduce tariffs that he placed on China earlier this year related to its role in making fentanyl.

Shortly before the meeting on Thursday, Trump posted on Truth Social that the meeting would be the “G2,” a recognition of America and China's status as the world's biggest economies.

The Group of Seven and Group of 20 are other forums of industrialized nations.