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.