Goldman Sachs CEO David Solomon calls past 50 years of China trade policy 'a mistake' as Trump and Xi Jinping hold crucial talks amid escalating tariff tensions.

President Donald Trump and Chinese president Xi Jinping have begun what is expected to be three to four hours of high-stakes ,in-person talks in hopes of lowering the temperature of a simmering trade war that has threatened to boil over and upend the global economy.

Chinese President Xi Jinping offered these words to President Trump before their private meeting on Thursday in South Korea: PRESIDENT XI JINPING (through translator): President Trump, it is a great pleasure for me as well to meet you.