Chinese President Xi Jinping and U.S. President Donald Trump have kicked off a pivotal meeting in South Korea, aiming to potentially reshape the often tense dynamics between the world’s two largest economies and competing global powers.

The two leaders exchanged handshakes on Thursday morning at an airbase in the coastal city of Busan, marking the beginning of their discussions, which coincide with an international summit.

This encounter is the first in-person meeting of Trump’s second term with Xi and concludes the U.S. president’s five-day, three-nation tour of Asia. There is significant anticipation for the dialogue to help mend the strained relations between the two countries.

Among the topics expected to be addressed are China’s import of American soybeans, the future of the Chinese-owned social media app TikTok in the U.S., the ongoing conflict in Ukraine, and the contentious issue of Taiwan.

A recent meeting between trade negotiators from both nations over the weekend suggested that Trump and Xi might establish a framework for future interactions. However, any agreement would be just one step in addressing the complex and competitive relationship between the democratic superpower of the U.S. and the increasingly assertive China, whose military activities in the East and South China Seas have unsettled U.S. allies.

Both nations recognize that a direct dialogue at the leader level is crucial for stabilizing their relationship as they continue to navigate the complexities of their economic engagements.

Any outcome from Thursday’s talks will be a boon for China, which wants predictability in its US relations while it sprints toward self-sufficiency from American high-tech, and also for Trump, whose meeting with Xi delivers a big-ticket finale for what has already been a dealmaking blitz across Asia.