The highly anticipated summit between US President Donald Trump and Chinese leader Xi Jinping will take place Thursday in Busan, with another high-stakes meeting between President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi scheduled the same day.

The Trump-Xi meeting was confirmed by China's Foreign Ministry spokesperson on Wednesday afternoon. They said the two sides will"exchange views on US-China relations and issues of mutual concern." The meeting had been announced by Washington last week, with the two leaders reportedly slated to discuss a trade framework related to US tariffs on Chinese goods, along with China curbing exports of fentanyl precursor chemicals.

Trump said Wednesday that he expects to lower fentanyl-related tariffs on China. He told reporters that fentanyl flows into the US will be among the topics in his discussion with Xi, in their first in-person meeting since Trump's reelection in November.

Trump and Xi are among the global leaders visiting South Korea for the upcoming Asia-Pacific Economic Cooperation summit, alongside the new Japanese Prime Minister. Takaichi, who took office on Oct. 21, is widely expected to hold her first in-person meeting with President Lee Jae Myung on Thursday afternoon.

This marks Lee's second summit with his Japanese counterpart since his meeting with then-Japanese Prime Minister Shigeru Ishiba in Busan on Sept. 30.

Lee welcomed Trump to South Korea on Wednesday with a luncheon at the Gyeongju National Museum.