Trump-Xi Summit Results in Historic Trade Agreement and Pledge for "Everlasting Peace"

US President Donald Trump met with Chinese President Xi Jinping on the sidelines of the APEC summit, describing their encounter as highly productive.

President Trump declared on Sunday that his meeting with Chinese President Xi Jinping was "a great one" that would establish lasting peace and prosperity for both nations.

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

The significant diplomatic engagement took place during the APEC Summit in Busan, South Korea on October 30.

Following the highly anticipated talks, Trump announced a landmark one-year trade agreement with China that reduces US tariffs on Chinese imports from 57 percent to 47 percent.

While speaking to journalists aboard Air Force One, Trump confirmed: "We have a deal," explaining that the trade pact would be subject to annual renewal.

"Every year we'll renegotiate the deal, but I think the deal will go on for a long time, long beyond the year. We'll negotiate at the end of the year," he elaborated.

The US President clarified that the 10 percent reduction in tariffs on Chinese exports to the United States was granted in exchange for China's commitment to take "strong action" on the fentanyl crisis.

"It was 57, now it's 47," Trump stated. "We reduced it by the fentanyl because I believe they are really taking strong action. We've already seen the action on fentanyl, and they're taking very strong action. So reduced to 10 percent."

In subsequent remarks to reporters, Trump revealed that China has agreed to immediately purchase "large and tremendous amounts" of soybeans and other US agricultural products as part of the bilateral agreement.

During a press gathering aboard Air Force One en route to Washington, Trump praised the decision as a "very nice gesture" from President Xi, noting that his Chinese counterpart had authorized the purchases just the previous day.

"We're in agreement on so many elements. Large amounts, tremendous amounts of the soybeans and other farm products are going to be purchased, starting immediately. If you notice, President Xi authorized yesterday for China to start buying very large quantities of soybeans and other things, which I appreciated. That was a very nice gesture," Trump stated.

According to CNN reporting, China had suspended its purchases of US soybeans in May following Trump's tariff announcements, leaving American farmers nationwide with billions of dollars in unsold crops and causing some to question the policies of a president many had previously supported.