Gyeongju [South Korea], October 30 (ANI): US President Donald Trump said that he is 'looking forward' to his scheduled meeting with Chinese President Xi Jinping in Busan, South Korea, on Thursday.

'Very much looking forward to my meeting with President Xi of China. It will take place in a few hours!' Donald Trump said in a post on X.

Earlier, during his speech at the Asia-Pacific Economic Cooperation (APEC) summit, Trump said the expected trade deal would be good for both countries and 'something very exciting for everybody'.

'That's really a great result. That's better than fighting and going through all sorts of problems,' Trump said in an address to a business luncheon on the sidelines of the APEC gathering in Gyeongju.

Trump is scheduled to meet Xi on Thursday in the coastal city of Busan, about 85 kilometres south of Gyeongju, in their first face-to-face encounter since the US president launched his second trade war with China.

Speaking on Air Force One earlier on Wednesday, Trump said he expected the agreement to solve 'a lot of problems' and include lower tariffs on Chinese goods in exchange for Beijing taking steps to curb the production of fentanyl.

Trump has imposed a 20 per cent tariff on Chinese goods over what he claims is Beijing's failure to crack down on the flow of chemicals used in making the deadly opioid, as per Al Jazeera.

US officials have previously indicated that a deal is likely to include the deferral of China's planned export controls on rare earth minerals and an additional 100 per cent US tariff on Chinese goods, along with a commitment by Beijing to buy more US agricultural products.

China's Ministry of Foreign Affairs on Wednesday confirmed that Xi would meet Trump, but did not specifically refer to the deal, as reported by Al Jazeera.

'At this meeting, the two leaders will have in-depth communication on strategic, long-term issues related to China-US relations and major issues of common concern,' spokesperson Guo Jiakun told a regular media briefing. (ANI)