The two leaders met on Friday at final talks of the superpower summit, which the US president said "settled a lot of different problems". Xi described Trump's visit as a "milestone visit".
Presidents Donald Trump and Xi Jinping wrapped up critical talks on Friday, claiming important progress in stabilising US-China relations even as deep differences persist between the world’s two biggest powers.
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Xi welcomed Trump at his official residence, Zhongnanhai, on Friday for the final talks of the summit before the US leader returned to Washington.
Over tea and lunch, Trump and Xi, with top aides and translators in attendance, huddled for nearly three hours of talks before the US leader completed his three-day visit to China.
“It’s been really a great couple of days,” Trump told reporters as he sat with Xi before the start of their meeting with aides.
Xi, for his part, called it a “milestone” visit. “We have established a new bilateral relationship, or rather a constructive, strategic, stable relationship,” he said.
Trump said he had made "fantastic trade deals" with Xi that are “great for both countries”.
The US president had primarily focused on securing deals in the agriculture, aviation and artificial intelligence sectors, but no further details were given about which deals exactly were agreed on.
The summit was mainly aimed at stabilising the relationship between the US and China and maintaining a fragile truce agreed on at the end of last year.
In October, Washington agreed to lower tariffs on all Chinese goods, while Beijing agreed to pause its restrictions on rare earths exports.
The two leaders also made some progress on the topic of the Iran war.
"We did discuss Iran. We feel very similar on Iran. We want that to end. We don’t want them to have a nuclear weapon. We want the Straits open," Trump said.
Xi told Trump that Beijing wants to help negotiate an end to the war and reopening of the Strait of Hormuz. China's heavy reliance on Iranian oil could help it influence Tehran into making a deal with Washington.
Trump added that China reassured it would not provide Iran with military equipment.
Meanwhile, Taiwan has emerged as one of the most divisive topics on the agenda, with Xi warning the US that disagreements over the self-governed island—which China claims as its own—could lead to clashes or conflict.
In December, Washington approved an $11 billion arms package to Taiwan, which it has not yet moved forward with delivering.
On Thursday, Secretary of State Marco Rubio warned it would be a "terrible mistake" for China to take Taiwan by force.
Turmoil in Strait of Hormuz
While Trump wraps up his two-day state visit in China, tensions remain high in the Strait of Hormuz.
A ship anchored of United Arab Emirates was seized and taken towards Iranian waters, while an Indian-flagged cargo ship sank near the coast of Oman after it was attacked, authorities reported on Thursday.
It remains unclear who is behind both incidents, but Iran did previously warn that it would seize "violating" oil tankers connected to the US.
Meanwhile, Chinese vessels began passing through the strait following an understanding over Iranian management protocols for the passage, Iranian state-run media reported.
Iran has largely blocked shipping through the strait, which usually carries around a fifth of the world's oil and LNG, since the outbreak of war with the United States and Israel on 28 February.
Washington has imposed its own naval blockade on Iranian ports despite a fragile ceasefire in place since 8 April.