U.S. President Donald Trump and Chinese President Xi Jinping met in Busan on Thursday for bilateral talks following a period of heightened trade tensions.

Trump, speaking to reporters aboard Air Force One en route to Washington soon after the discussion, said China planned to purchase a “tremendous amount” of soybeans and immediately resume imports of other U.S. agricultural products.

The president added that the 20 percent tariff he'd imposed on Chinese exports earlier this year, purportedly in response to its role in the fentanyl trade, would be reduced to 10 percent, effective immediately.

U.S. Trade Representative Jamieson Greer said China had also agreed to ease its controls on rare earths and continue supplying the metals. 

The closed-door meeting at the Gimhae Air Base took place ahead of the Asia-Pacific Economic Cooperation(APEC) summit and marked the two leaders’ first in-person talks since Trump's return to the White House.

After speaking for about one hour and 40 minutes, the two leaders exited the base and shared a final handshake before departing separately.

Trump, aboard Air Force One, said he'd agreed to work with Xi on Russia's war against Ukraine but that the two leaders had not discussed Taiwan during the meeting.

He then told reporters he was too busy to meet with North Korean leader Kim Jong-un during his visit to South Korea but that he would return to do so.

Trump added that he plans to travel to China in April of next year, and that Xi will embark on a state visit to the United States afterward, suggesting that the two sides discussed a more steady stream of exchange.

Trump’s visit to South Korea was the last leg of his recent Asian tour, which also took him to Malaysia and Japan.

Xi will continue his three-day state visit to South Korea with the 32nd APEC Economic Leaders' Meeting in Gyeongju on Friday and his first summit with President Lee Jae Myung on Saturday.