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Trump said he will be going to China in April, followed by a trip by Xi to the U.S. without specifying a timeline.
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The US president and his Chinese counterpart met face-to-face for the first time in six years.
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China's leader agreed to delay restrictions on rare earth minerals for a year and buy more soybeans, Trump said after a meeting designed to calm trade tensions.
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The U.S. has not conducted a nuclear test in over 30 years. Experts say doing one now could make America less safe.
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The president sets the limit at 7,500 for the coming year, a dramatic cut from 125,000.
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President Donald Trump said the rare earths agreement is a one year deal that will be "very routinely extended as time goes by."
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The Federal Reserve cut interest rates by a quarter point for the second time this year, but the probability of a reduction at its next meeting fell after Jerome Powell, the central bank's chair, said that officials held "strongly differing views."
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President Donald Trump and Chinese President Xi Jinping met for their first face-to-face talks in six years in South Korea.
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The testing is necessary to keep pace with weapons programmes in China and Russia, according to Trump.
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