Palin, the former Republican vice presidential nominee, said she and Trump shared similar ideas for improving the U.S. economy, while Trump called Palin a "terrific woman and a terrific friend" who he hoped would seek the GOP presidential nomination.
The meeting, part political parley and part reality TV show, capped the third day of Palin's bus trip through historic sites along the East Coast.
Palin has not announced whether she will run, but has said she is considering joining the field of Republican candidates vying to challenge President Barack Obama next year.
Palin's tour continues on Wednesday. Her bus tour is scheduled to end in New Hampshire.
The Associated Press contributed to this report,