Busan, Oct 30 (NationPress) The Chinese President Xi Jinping stated on Thursday that the progress and rejuvenation of China is closely linked to US President Donald Trump's initiative to 'Make America Great Again.'

These comments were made during a meeting with Trump upon Xi's arrival in Busan for the 32nd APEC Economic Leaders' Meeting in Gyeongju and a state visit to South Korea.

Xi expressed that both nations have the potential to support each other's success and mutual prosperity.

"China and the United States ought to be allies and friends. This is what history has demonstrated and what reality necessitates," he remarked.

He further conveyed his willingness to collaborate with Trump to establish a solid foundation for China-US relations and foster a conducive environment for the advancement of both nations, as reported by Xinhua.

Earlier, Trump and Xi convened for a crucial summit, closely monitored for indications of a slowdown in their escalating trade dispute characterized by reciprocal tariffs.

This marked their first meeting since 2019 at Naraemaru, a reception hall at an Air Force base in southeastern Busan, shortly after Xi's arrival for a three-day state visit.

Trump arrived at the venue ahead of schedule after leaving the nearby city of Gyeongju, where the APEC events are taking place this week.

"We anticipate a highly productive meeting," Trump commented as the leaders posed for photos before their discussions. "However, he is a very formidable negotiator. That might be problematic," he joked.

Trump mentioned that the two nations might finalize a trade agreement.

During the Trump-Xi summit, a key deal is on the table that would see China defer implementing stricter export controls on rare earth materials for a year, in return for the US rescinding its plan to impose an additional 100 percent tariff on Chinese products starting November 1.

A preliminary framework for such an agreement was reportedly established by officials from both sides over the weekend.

The two largest economies also have additional trade challenges to address. China ceased purchasing soybeans from the US this year, negatively impacting American farmers, a crucial voter demographic for Trump. The US has also used tariffs to pressure China to halt the export of fentanyl.

Trump indicated on Wednesday that he would reduce the existing fentanyl-related tariffs, currently set at 20 percent, in exchange for Beijing's commitment to limit the export of chemicals used in fentanyl production.

The trade conflict between these superpowers has led to US tariffs on Chinese goods surging to 145 percent in April, while Chinese tariffs on US products increased to 125 percent.

Following a truce in high-level trade discussions in May, these taxes have been reduced to 50 percent on Chinese goods and 10 percent on US goods.

Trump has consistently expressed optimism regarding his forthcoming summit with Xi.

"I am eagerly anticipating my meeting with President Xi of China," he posted on Truth Social on Thursday.

"It is set to occur in just a few hours!"

While few analysts expect the summit to conclude the trade war, any agreement that alleviates the uncertainty surrounding their punitive actions could represent a significant initial step.

Security concerns also play a substantial role in the US-China rivalry, as Beijing seems to be demonstrating its military strength in the region.