US President Donald Trump will meet with his Chinese counterpart Xi Jinping in South Korea on October 30 on the sidelines of a summit in Asia, the White House has confirmed.

The Xi-Trump meeting has been in the works for weeks, but has been in question as tensions between the two economic giants rise.

It will be the first face-to-face meeting between the two leaders since Trump returned to office.

Trump has threatened to impose an additional 100% tariff on Chinese products starting in November if China does not lift strict restrictions on rare earth exports.

White House Press Secretary Carolyn Leavitt confirmed in a press briefing on Thursday that the meeting between the two leaders would take place.

The bilateral meeting will be held on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korea, from October 31 to November 1.

"I'm meeting with President Xi of China. We have a long meeting. Together we can address many of our concerns, our questions, and our incredible resources," Trump said earlier.