His remarks after face-to-face talks with Chinese President Xi Jinping 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.

"I thought it was an amazing meeting," Trump told reporters aboard Air Force One shortly after he departed Busan, adding that tariffs imposed on Chinese imports would be cut to 47% from 57%.

Trading in global stocks was choppy as Trump revealed details of the deal, with major Asian indexes and European futures swinging between gains and losses. China s Shanghai Composite Index slipped from a 10-year high, while US soybean futures were weaker.

World stock markets from Wall Street to Tokyo had hit record highs leading up to the meeting on hopes of a breakthrough in a trade war between the world s two largest economies that has upended supply chains and rocked global business confidence.

The meeting, which took place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) 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.

Trump repeatedly talked up the prospect of reaching agreement with Xi since US negotiators on Sunday said they had agreed a framework with China that will avoid 100% US tariffs on Chinese goods and achieve a deferral of China s export curbs on rare earths, a sector it dominates.

As they sat down with their delegations to begin talks, Xi told Trump via a translator that it was normal for the two leading economies of the world to have frictions now and then.

But with both countries increasingly willing to play hardball over areas of economic and geopolitical competition, many questions remain about how long any trade detente may last.

Prior deals on tariffs and rare earths due to expire

Previous deals, which brought down retaliatory tariffs sharply to about 55% on the US side and 10% on the Chinese side and restarted the flow of rare earth magnets from China, are due to expire on November 10.

Bessent said China had agreed to help curb the flow of fentanyl precursors, but did not say whether the US had made any concessions in return.

Beijing has sought the lifting of 20% tariffs over fentanyl, an easing of export controls on sensitive US technology, and a rollback of new US port fees on Chinese vessels aimed at combating China s global dominance in shipbuilding, ocean freight and logistics.

Trump s meeting with Xi comes at the end of a five-day trip to Asia in which he signed pacts with Japan and Southeast Asian nations on rare earths, seeking to blunt China s stranglehold on minerals used in everything from cars to fighter jets.

Tensions over Taiwan

Regional strategic tensions, particularly over Beijing-claimed Taiwan, a US partner and high-tech powerhouse, are an ominous backdrop to the summit.

On Sunday, Chinese state media said Chinese H-6K bombers recently flew near Taiwan to practise "confrontation drills."

US Secretary of State Marco Rubio said Taiwan should not be concerned about the US-China talks, despite some experts expressing fears that Trump might offer concessions over the island. Washington is required under US law to provide Taiwan with the means to defend itself.