Oct 31, Kathmandu - The top leaders of the United States and China have met in person for the first time in six years. High-level talks between US President Donald Trump and Chinese President Xi Jinping in the South Korean city of Busan on Thursday have signaled some easing of long-running trade tensions between the two countries.

Following the talks, the US announced that it would reduce the average import tariff on China from 57% to 47%. Meanwhile, China agreed to increase purchases of US agricultural and energy products, particularly soybeans and LNG.

Similarly, the dispute over rare-earth exports was also reportedly temporarily resolved.

However, the two sides still have disagreements on Taiwan, technology (semiconductors) and security issues in the South China Sea. These issues are said to be covered in the upcoming talks.

Asian stock markets have seen mixed reactions after the meeting. At the same time, oil prices have fallen by 1.2%, which is said to be linked to the possibility of trade stabilization.

According to analysts, the Trump-Xi Jinping meeting has created an atmosphere of immediate relief in the global market. It has been commented that the resumption of dialogue between the two countries has shown signs of new hope in the global economy.