GYEONGJU (SOUTH KOREA): Leaders of 21 Asian and Pacific Rim nations were set to open their annual summit Friday to discuss how to promote economic cooperation and tackle shared challenges, a day after President Donald Trump and Chinese President Xi Jinping agreed to take steps to ease their escalating trade war.

This year’s two-day Asia-Pacific Economic Cooperation summit in the South Korean city of Gyeongju city has been heavily overshadowed by Thursday’s Trump-Xi meeting.

Trump described the meeting as a roaring success, saying he would cut tariffs on China, while Beijing had agreed to allow the export of rare earth elements and start buying American soybeans.

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