US President Donald Trump has agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming US soybean purchases and keeping rare earths exports flowing.

Trump's face-to-face talks with Xi in the South Korean city of Busan, their first since 2019, marked the finale of a whirlwind Asia trip on which he also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.

"It was an amazing meeting," Trump told reporters aboard Air Force One on Thursday shortly after he left Busan, ranking the talks a "12 out of 10".

Trump said tariffs on Chinese imports would be cut to 47 per cent from 57 per cent by halving the rate of tariffs related to trade in fentanyl precursor drugs to 10 per cent.

Xi will wor

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