U.S. President Donald Trump said he expects to lower fentanyl-linked tariffs on China as Beijing confirmed a high-stakes meeting between Chinese President Xi Jinping and the American leader.

A spokesperson for Chinese Foreign Ministry said Wednesday that Xi will meet Trump in Busan, South Korea, on Thursday to exchange views on issues of shared concerns, without elaborating.

"We are willing to work with the U.S. to push the meeting toward achieving positive outcomes," the spokesperson said in Mandarin, translated by CNBC.

Earlier on Wednesday, Trump told reporters aboard the Air Force One that fentanyl flows into the U.S. and "farmers" will be among topics he expects to discuss with Xi on Thursday.

When asked whether the potential one-year pause in Beijing's implementation of rare ea

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