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President Xi Jinping said China has reached a consensus with the United States on economic and trade issues, state media reported, after meeting Thursday with US leader Donald Trump. Trump and Xi met for the first time since 2019 in Busan, South Korea, engaging in closely-watched talks, as their two countries remain locked in a blistering trade war.The tussle between the world's top two economies, which encompasses everything from rare earths to soybeans and port fees, has rocked markets and gummed up supply chains for months. On Thursday, Xi told Trump that the two countries "should have positive interactions on the regional and international stage", Chinese state news agency Xinhua reported.Xi said that teams from both sides had "exchanged in-depth views on important economic and trade issues and reached a consensus on resolving them", according to the Xinhua readout which offered no details on specific agreements reached."Both teams should refine and finalise follow-up work as soon as possible, maintain and implement the consensus and provide tangible results to set minds at ease about the economies of China, the United States and the world," he added.

Chinese and US delegations convened in Kuala Lumpur on Saturday for talks on economic and trade issues, according to Xinhua news agency.China’s Ministry of Commerce said in a statement that both sides would hold consultations on key matters concerning China-US economic and trade relations, in line with the important consensus reached between the two heads of state during their phone calls earlier this year.The Chinese delegation was led by Vice Premier He Lifeng, accompanied by Vice Minister of Commerce Li Chenggang and Vice Minister of Finance Liao Min. The US delegation was headed by Treasury Secretary Scott Bessent.Bessent and He Lifeng are negotiating to ease the recently escalated trade measures imposed by both countries on each other. The discussions are also expected to lay the groundwork for a meeting between US President Donald Trump and Chinese President Xi Jinping, scheduled for next Thursday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea.