President Donald Trump and Chinese president Xi Jinping have begun what is expected to be three to four hours of high-stakes ,in-person talks in hopes of lowering the temperature of a simmering trade war that has threatened to boil over and upend the global economy.

As part of a trade deal between Donald Trump and Xi Jinping, China will ’effectively eliminate’ all curbs on rare earths’ exports, remove tariffs on US agricultural products, and resume export of chips critical to automobile industry,

President Donald Trump said he had an “amazing” meeting with Chinese President Xi Jinping, where “a lot of decisions were made” on fentanyl, rare earth minerals and more.

Trump announced a cut on Chinese imports after meeting with Xi in South Korea, citing new understandings on fentanyl enforcement, farm trade and rare-earth exports.

Great pleasure to see you again,” Xi told Trump as they shook hands ahead of opening remarks at a South Korean air base after nearly a year of tit-for-tat tariff and trade escalations.

"We have not too many major stumbling blocks," Trump said of a formal trade agreement after meeting with Chinese President Xi Jinping in South Korea.

When President Donald Trump sits down with Chinese leader Xi Jinping this week, trade will be the subject at hand. But it is also an opportunity for something else: a chance to secure the release of US citizens detained by the People’s Republic.

This time, United States President Donald Trump stated that China "knows the consequences" if it attacks Taiwan, asserting that Chinese President Xi Jinping understands the situation "very well."