(MENAFN) US President Donald Trump announced on Sunday that he expects to reach a trade agreement with Brazil after meeting President Luiz Inacio Lula da Silva on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia.

"It's a great honor to be with the president of Brazil - it's a great country. It's a big, beautiful country," Trump said. "I think we'll be able to do some pretty good deals. We've been speaking, and I think we'll end up having a very good relationship."

He expressed optimism about swift progress, noting, "They can offer a lot and we can offer a lot - and it's good for both countries," adding that negotiations could conclude "pretty quickly."

Lula emphasized the strength of Brazil-US relations, describing them as "extraordinary" and asserting that there is no reason for conflict between the two nations.

The in-person meeting follows a period of tension, including 50% US tariffs and sanctions targeting Brazilian officials linked to investigations involving Trump ally and former President Jair Bolsonaro, who was sentenced to 27 years for plotting a coup. The leaders had previously spoken via video call in early October before arranging this face-to-face discussion.

Trump also expressed confidence in upcoming negotiations with Chinese President Xi Jinping in South Korea. "I think we're gonna have a deal with China. They want to make a deal. We want to make a deal," he said, noting that further meetings are planned in China and either Washington or Mar-a-Lago.

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