Chinese leader Xi Jinping and US President Donald Trump held a landmark meeting in South Korea that could reset the volatile relationship between the world’s two largest economies and rival superpowers.

U.S. President Donald Trump said the U.S. and China are set to "come away with" a trade deal, as he is expected to meet Chinese President Xi Jinping later this week in South Korea during his Asia tour.

U.S. President Donald Trump and Chinese President Xi Jinping on Thursday took steps to de-escalate their trade war, swapping some U.S. tariff reductions and tighter export controls for a pause in Beijing's new restrictions on rare earth minerals and magnets and a resumption of its purchases of American soybeans.