US President Donald Trump has met his Chinese counterpart, Xi Jinping, in the South Korean port city of Busan for talks aimed at easing trade tensions and strengthening bilateral relations.

At the start of the meeting on Thursday, Trump hinted that a trade deal could be signed soon.

"We could sign a trade deal today," he told reporters before the talks began.

The Chinese president said that "China’s development goes hand in hand with the vision to make America great again," stressing that the two countries "should be partners and friends."

"This is what history has taught us and what reality demands," he added.

He hailed the "basic consensus" and "encouraging progress" reached by the two sides in trade negotiations, saying this provided the necessary conditions for their meeting.

"Mr President, I’m ready to work with you to build a solid foundation for US-China relations," he said.

World peace

Xi also praised Trump for his enthusiasm in "settling various regional hotspot issues" and highlighted the US leader’s "great contribution to the recent conclusion of the Gaza ceasefire agreement" as well as to a peace deal in the border dispute between Cambodia and Thailand.

"The world today is confronted with many tough problems. China and the US can jointly shoulder our responsibility as major countries and work together to accomplish great and concrete things for the good of our two countries and the whole world," he said.

Trump called Xi a "tough negotiator" but also a "great leader of a great country."

"I think we’re going to have a fantastic relationship for a long period of time, and it’s an honour to have you with us," Trump said, describing the meeting as "very productive and positive."

Xi said it was "normal" for the world’s two largest economies to have "frictions now and then," adding that both sides must "maintain friendship and cooperation."

He reiterated that China and the United States can "jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world."