News updates live: Trump cuts China tariffs to 47 per cent after in-person meeting with Xi in Busan

Trump says he has agreed to "work together" with Xi on Ukraine. "Ukraine - we're both going to work together - we agree that the sides are locked in fighting and sometimes you gotta let them fight I guess. But we're going to work together on Ukraine," said the US President.

"It was an amazing meeting. He is a great leader," Trump says. "We have come to a conclusion on many important points and we will be handing them to you in a little while," said Trump interacting with reporters onboard Air Force One.

US President Donald Trump and Chinese President Xi Jinping met in Busan, South Korea, on Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. Both leaders said they were committed to maintaining stable relations despite differences between their countries.

"... very very distinguished and respected President of China and we will be having some discussions, and I think we have already agreed to a lot of things, and we will agree to some more right now. President Xi is a great leader of a great country and I think we are going to have a fantastic relationship for a long period of time. It's an honour to have you with us."

Chinese leader Xi Jinping  and US President Donald Trump have arrived in the South Korean city of Busan for the high-stakes meeting.

"The United States has more Nuclear Weapons than any other country. This was accomplished, including a complete update and renovation of existing weapons, during my First Term in office. Because of the tremendous destructive power, I HATED to do it, but had no choice! Russia is second, and China is a distant third, but will be even within 5 years. Because of other countries' testing programs, I have instructed the Department of War to start testing our Nuclear Weapons on an equal basis. That process will begin immediately. Thank you for your attention to this matter!"

Apart from the trade talks, XI Jinping could be hoping to seal the deal on tariff reduction and easing of tech curbs. Stay with us as we bring to you more updates from the high-stakes meeting between the two most powerful global leaders.

The meeting gives the leaders of the world’s two biggest economies a chance to ease tensions after months of conflict over trade. Trump’s renewed use of tariffs since starting his second term, along with China’s decision to limit exports of rare earth materials, has made this meeting especially important.

In recent days, US officials have hinted that Trump will hold off on imposing an additional 100 per cent tax on Chinese imports. Beijing, meanwhile, has shown signs of compromise by considering an easing of rare earth export limits and resuming soybean purchases from the US.