US President Donald Trump predicted during a meeting with Brazilian President Luiz Inácio Lula da Silva that the two countries could reach a trade deal "very soon," ahead of a meeting between top US and Brazilian trade negotiators on Monday (October 27).

Trump said he and Lula "get along very well" and hinted at a willingness to roll back punitive tariffs imposed on Brazil in recent months over Brazil's lawsuit against its right-wing ally, Jair Bolsonaro.

"We should be able to make some pretty good deals for both countries," Trump said during a meeting with Lula on the sidelines of a regional summit in Malaysia.

Donald Trump and Luiz Inácio Lula da Silva held a bilateral meeting in Kuala Lumpur.

More formal negotiations are scheduled to begin within hours of the meeting between the two presidents. U.S. Trade Representative Jamison Greer and U.S. Secretary of State Marco Rubio are scheduled to meet with Brazilian Foreign Minister Mauro Vieira and Vice Minister of Development, Industry, Trade and Services Marcio Rosa on Sunday evening (October 26).

The meeting marks a significant shift in the tone of relations between the two countries. In recent months, Trump and Lula have traded harsh words in public statements.

Lula has expressed a willingness to explore collaborative opportunities with various parties, including Trump, to advance the development of critical minerals needed for electric vehicles, advanced weapons systems, and medical devices.