China's Xi to meet Trump, who touts South Korea deal on last stop of Asia tour

Chinese President Xi Jinping will meet with his US counterpart Donald Trump in South Korea's Busan on Thursday (Oct 30), Report informs via CNA.

They will exchange views on bilateral relations and issues of mutual interest, China's Foreign Ministry said in a statement on Wednesday.

Trump began the final leg of his Asia trip in South Korea on Wednesday, optimistic about striking a trade war truce with Xi and advancing an unresolved tariff deal with South Korea's Lee Jae Myung.

Arriving from Tokyo hours after North Korea test-fired a nuclear-capable cruise missile, Trump met Lee on Wednesday in Gyeongju, a sleepy South Korean town hosting this year's Asia-Pacific Economic Cooperation (APEC) forum.

Speaking to reporters aboard Air Force One en route to South Korea earlier, Trump dismissed the North Korea missile test and said he was squarely focused on his meeting with the leader of the world's second-largest economy.

"The relationship with China is very good. So I think we're going to have a very good outcome for our country and for the world, actually," Trump said.

He expects to reduce US tariffs on Chinese goods in exchange for Beijing's commitment to curb exports of fentanyl precursor chemicals, he added. The US could halve the 20 per cent levies on Chinese goods it currently charges in retaliation for the export of such chemicals, the Wall Street Journal reported.