US President Donald Trump and Chinese President Xi Jinping held a significant meeting at a military base in Busan, South Korea, aimed at addressing ongoing trade tensions between their countries. This meeting marked the first face-to-face discussion between the two leaders since Trump took office again in January. The backdrop of their talks was a trade war that has escalated in recent months, raising expectations for a potential truce.

As the leaders began their discussions, Trump expressed optimism, stating, "We are going to have a very successful meeting, I have no doubt. But he is a very tough negotiator." Xi acknowledged the normalcy of frictions between the two leading economies, emphasizing the need for cooperation. He stated, "I am ready to continue working with you to build a solid foundation for China-US relations."

The meeting resulted in an agreement to reduce tariffs, with Trump announcing a deal to cut tariffs on Chinese imports from 57 percent to 47 percent in exchange for China resuming purchases of US soybeans. This agreement comes after China halted soybean imports from the US earlier this year, opting for other markets like Brazil.

In addition to trade, the leaders discussed the illicit trade of fentanyl and the flow of rare earth exports, which are crucial for high-tech manufacturing. Trump noted, "All of the rare earth [issue] is settled … There’s no roadblock from China anymore."

While Trump praised Xi as an "amazing leader" and rated their meeting a 12 on a scale of 1 to 10, the Chinese foreign ministry highlighted the importance of dialogue over confrontation. A statement from the ministry reiterated Xi's call for cooperation, stating, "In the face of winds, waves and challenges, we should stay the right course."

The meeting also touched on the war in Ukraine, with Trump indicating that the topic was discussed extensively. He mentioned, "We agree that the sides are locked in fighting and sometimes you gotta let them fight, I guess. But we're going to work together on Ukraine." However, the sensitive issue of Taiwan was reportedly not addressed during their talks.

In the lead-up to the meeting, Trump announced plans to resume nuclear weapons testing, a move that he stated was in response to other countries' testing programs. This announcement added a layer of tension to the discussions, as it coincided with the ongoing trade negotiations.

As the meeting concluded, both leaders expressed a desire for continued dialogue, with plans for future visits to each other's countries. Trump is expected to visit China in April, while Xi is anticipated to come to the US afterward. The outcome of this meeting is being closely monitored by businesses and analysts worldwide, as the two nations navigate their complex economic and geopolitical relationship.