Busan, Oct. 31 -- Calling it an "amazing" meeting that marked a "fantastic new beginning" in US-China relations, President Donald Trump announced on October 30 that he and counterpart Xi Jinping have agreed on a one-year deal for the supply of crucial rare earth materials.

The announcement came after the two leaders met in Busan, South Korea, on the sidelines of the 32nd APEC Economic Leaders' Meeting -- their first in-person meeting in six years. Trump said the agreement will be renewed annually and represents significant progress in the countries' strained trade relationship.

"All the rare earths have been settled, and that's for the world," Trump told reporters aboard Air Force One after the meeting. He added that he had also agreed ...