President Donald Trump hailed an “amazing meeting” with China’s Xi Jinping, unveiling a trade truce that halves US fentanyl-related tariffs on Chinese goods and see Beijing resume “massive” purchases of American soybeans and other farm products.

Leaders of Pacific countries and territories, including China’s Xi Jinping, are gathering in South Korea for a major summit Friday. But the leader of one global powerhouse is conspicuously absent: Donald Trump.

Post Trump's meeting with Xi, US Treasury's Scott Bessent said that a China-US trade deal could be signed next week. She also said that China has agreed to purchase 25 million metric tons of US soybeans annually.

President Donald Trump and Chinese president Xi Jinping have begun what is expected to be three to four hours of high-stakes ,in-person talks in hopes of lowering the temperature of a simmering trade war that has threatened to boil over and upend the global economy.

Trump had warned that the United States could impose a “potential 155% tariff” on Chinese goods if Beijing does not finalise a trade agreement.

Trump announced a cut on Chinese imports after meeting with Xi in South Korea, citing new understandings on fentanyl enforcement, farm trade and rare-earth exports.

Xi told Trump that Beijing had been helping the two Southeast Asian neighbours to settle their border dispute "in our own way", South China Morning Post reported.

President Trump said the issues of Taiwan, Russian oil and Nvidia’s advanced Blackwell chip weren’t raised during his wide-ranging meeting with Chinese President Xi Jinping in South