'Don't see eye to eye, but...': Xi says US-China trade deal on track

Speaking through a translator at the start of the meeting, Xi said, “President Trump, it is a great pleasure to meet you, and it feels very warm seeing you again because it’s been many years. Since your re-election, we have spoken on the phone three times, exchanged several letters, and stayed in close contact.”

"Under our joint guidance, China-US relations have remained stable on the whole. Given our different national conditions, we do not always see eye to eye with each other, and it is normal for the two leading economies of the world to have frictions now and then," he added.

Xi also added that the Chinese and US trade teams have “reached a basic consensus” on key issues.

Trump said he and Xi would have “a very successful meeting” to address the ongoing trade dispute. The meeting took place at an air base in Busan. “He’s a very tough negotiator,” Trump said, adding that they had “a great understanding” and “a great relationship.” He said the two sides could “sign a trade deal today.”

The leaders are expected to finalize a framework trade agreement that was negotiated over the weekend in Malaysia. Under the proposed arrangement, China would pause its rare-earths licensing regime for at least a year and resume purchases of US soybeans, while the United States would reduce or remove several tariffs imposed on Chinese goods.