Busan, South Korea - President Donald Trump on Thursday called his much-anticipated meeting with China's Xi Jinping a "great success", after the world's top two economies agreed a deal to trim fentanyl-related tariffs and keep supplies of critical rare earths flowing.

The two leaders held their first face-to-face meeting since 2019, amid a trade war that has rattled markets and snarled supply chains.

"I thought it was an amazing meeting," Trump said after the talks in Busan, South Korea, praising Xi as a "tremendous leader of a very powerful country" and saying he would visit China in April.

Trump added that the deal included China immediately buying "tremendous amounts of soybeans and other farm products", a key issue for Trump's support in farm country and a point of leverage for Beijing.

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At the meeting, Trump was flanked by senior officials, including Secretary of State Marco Rubio, Treasury chief Scott Bessent, and Commerce Secretary Howard Lutnick.

Xi's team featured Foreign Minister Wang Yi, Commerce Minister Wang Wentao, and Vice Premier He Lifeng.

The Republican said the talks yielded an extendable one-year deal on China's supply of crucial rare earths, materials that are essential for sophisticated electronic components across a range of industries.

"All the rare earths has been settled, and that's for the world," Trump told reporters aboard Air Force One.

Beijing had announced in early October additional controls on the export of rare earths, a sector where China is hugely dominant.

"On fentanyl we agreed that he was going to work very hard to stop the flow... I put a 20% tariff on China because of the fentanyl coming in... and based on his statements today I am going to reduce that by 10%," Trump said.

The meeting took place on the sidelines of an Asia-Pacific Economic Cooperation (APEC) summit of 21 countries in Gyeongju including the leaders of Japan, Australia and Canada.

It is the final stop on an Asia tour that saw Trump showered with praise and gifts, including a replica of an ancient Korean golden crown.

In Japan, new Prime Minister Sanae Takaichi said she would nominate Trump for the Nobel Peace Prize and gave him a putter and a gold-plated golf ball.

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However, Trump's hopes of a re-run of his 2019 meeting with North Korean leader Kim Jong-un at the Demilitarized Zone frontier appear to have been dashed.

Trump said though that they would meet in the "not too distant future" and that he would like to "straighten out" tensions between North and South Korea.

One surprise in the talks could have been if Xi had brought up Taiwan, with speculation that Beijing might press Trump to water down US backing for the self-ruled island.

Since 1979, Washington has recognized Beijing over Taipei as the sole legitimate Chinese power, even though the US remains Taiwan's most powerful ally and its main arms supplier.

But Trump said that Taiwan "never came up. That was not discussed, actually." He added though that he and Xi agreed to "work together" on the issue of Ukraine.