Trump to meet Xi in South Korea next Thursday: White House

US President Donald Trump will meet his Chinese counterpart Xi Jinping in South Korea next Thursday, the White House said.

Read more: Trump aims to meet with China's Xi Jinping during Asia tour

"On Thursday morning local time, President Trump will participate in a bilateral meeting with President Xi of the People's Republic of China," White House Press Secretary Karoline Leavitt told journalists.

The meeting has huge implications for the global economy.

Trump said on Wednesday he was making a “big trip” to Malaysia, Japan, and South Korea, his first visit to the region since he returned to the White House in a blaze of tariffs and geopolitical brinkmanship.

The highlight will be his talks with Xi in South Korea, which Trump’s spokeswoman confirmed would take place on October 30 on the sidelines of an Asia-Pacific Economic Cooperation (APEC) summit.

Trump had previously threatened to scrap the meeting amid a flare-up in the trade war between Washington and Beijing, but he said on Wednesday he now hoped for a “deal on everything.”

Trump will land in Busan on Wednesday, meet South Korean President Lee Jae Myung, then meet Xi the next day for the first time since his return to office.

Global markets will be watching closely to see if the two men can halt the trade war between the world’s two biggest economies, especially after a recent row over Beijing’s rare earth curbs.