China's President Xi Jinping will meet with President Donald Trump in Busan, South Korea, on Thursday to exchange views on bilateral relations and issues of mutual interest, China's state media reported Wednesday.

The meeting follows the two countries' "preliminary consensus" on potential solutions to disputes that have strained ties between the world's two largest economies during talks in Malaysia last week.

Trump said Wednesday that he expects to lower fentanyl-related tariffs on Chinese goods in exchange for Beijing's commitment to curb exports of fentanyl precursor chemicals.

The U.S. could halve the 20% fentanyl-related tariffs on Chinese products, which would bring the average tariff on most Chinese imports to about 45%--a level closer to those imposed on other U.S. trading partners, according to a report by The Wall Street Journal.

Write to Singapore Editors at [email protected]