Beijing, China - President Donald Trump and Chinese President Xi Jinping have concluded initial talks in Beijing on Thursday, touching on topics such as trade and the US-China relationship.

"President Xi, I want to thank you very much," Trump said having met with Xi in the Great Hall of the People in Beijing on Thursday. "First of all, that was an honor like few have ever seen before."

"You and I have known each other now for a long time, in fact, the longest relationship of our two countries that any president and president has had," he continued.

Trump went on to praise Xi as a "great leader," stating that "it's an honor to be your friend, and the relationship between China and the USA is going to be better than ever before."

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His comments to Xi came after receiving a warm and lavish welcome in Beijing, complete with red carpets, military displays, and chanting children.

The welcome was followed by a lengthy behind-closed-door meeting which lasted a little over two hours and covered a wide range of subjects, including but not limited to Iran, Ukraine, trade, and the US-China diplomatic relationship.

"I look forward to working together with you to set the course and steer the giant ship of China-US relations, so as to make 2026 a historic, landmark year that opens up a new chapter," Xi told Trump, according to China's state-run news agency Xinhua.

"I have agreed with President Trump on a new vision of building a constructive China-US relationship of strategic stability," he continued.

According to Xinhua, Xi expressed openness to US companies becoming more deeply involved in China's economic strategy, a topic that's of particular importance to Trump, who yesterday called for China to "open up."

Xi said that economic ties between the two superpowers were mutually beneficial and a win-win, stating that "equal-footed consultation is the only right choice."

"The two sides should implement the important consensus we have reached, and make better use of communication channels in the political, diplomatic, and military-to-military fields," he said.

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Xi made a point, however, of condemning Trump's aggressive tariff policy, insisting that the sanctions produce "no winner" and break any "good momentum" that the US and China build together.

Both sides also touched on the contentious issue of Taiwan, a sticking point in US-China relations. Xi warned Trump that a mishandling of the situation could send their two countries into "conflict."

As of writing, little information is known about the substance of these discussions, except what has been released by China's state media and on the Trump administration's official social media pages.

The Chinese Foreign Ministry announced in a readout that the delegations – including Secretary of State Marco Rubio – touched on trade, the Middle East, and Iran, the war in Ukraine, tensions on the Korean Peninsula, and more.

"The two heads of state exchanged views on major international and regional issues, including the situation in the Middle East, the Ukraine crisis, and the Korean Peninsula," the readout said.