The US and Chinese presidents met this week at the APEC summit in South Korea

US President Donald Trump has said his meeting with his Chinese counterpart, Xi Jinping, earlier this week will pave the way for lasting peace between the nations.

The two leaders met for the first time in six years Thursday on the sidelines of the APEC summit in Busan, South Korea. Beijing said they reached a consensus to resolve "major trade issues."

China agreed to suspend its latest rare-earth export controls in exchange for reciprocal US tariff cuts. The agreement also includes a US pledge to reduce tariffs on Chinese imports and suspend investigations into Beijing's maritime and logistics sectors.

"My G2 meeting with President Xi of China was a great one for both of our countries," Trump wrote on Truth Social on Saturday. "This meeting will lead to everlasting peace and success. God bless both China and the USA!"

Bilateral relations have been strained by years of trade tensions that began when Trump imposed sweeping tariffs on Chinese goods during his first term. Under the new deal, the US will lower tariffs on Chinese products from 57% to 47% and suspend export restrictions targeting some Chinese companies. The US will also reduce fentanyl-related tariffs, while China adjusts its retaliatory measures.

Beijing said it will lift its rare-earth export restrictions for one year while it studies long-term plans. The materials used in electronics and military technology were targeted after the US tightened its own controls on exports of advanced semiconductors and chipmaking equipment.

China also agreed to resume purchases of US soybeans and other agricultural products, which were paused during the recent trade standoff, while most other trade restrictions remain in place.

(RT.com)