US President Donald Trump has struck a deal to reduce tariffs on China in exchange for Beijing resuming US soybean purchases, keeping rare-earths exports flowing and cracking down on the illicit trade of fentanyl.

His remarks after the face-to-face talks with Xi in the South Korean city of Busan, their first since 2019, marked the finale of Trump's whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.

The meeting on Thursday, which took place on the sidelines of the Asia-Pacific Economic Co-operation summit, lasted nearly two hours.

Trump shook hands and escorted Xi to his car before the US president was given a red carpet send-off at the airport.

Chinese stocks climbed to a decade high and the yuan currency to a near one-y

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