US President Donald Trump embarks on a major trip to Asia this week with all eyes on a meeting with Chinese leader Xi Jinping that has huge implications for the global economy.

Trump said Wednesday, October 22, 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 rep 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 Wednesday he now hoped for a "deal on everything."

The host nations are meanwhile set to roll out the red carpet to ensure they stay on the right side of the unpredictable 79-year-old, and win the best deals they can on tariffs and security assistance.

Trump will leave Washington on Friday and arrive on Sunday in Malaysia for the Association of Southeast Asian Nations (ASEAN) summit - a meeting Trump skipped several times in his first term.

He is set to ink a trade deal with Malaysia - but more importantly to oversee the signing of a peace accord between Thailand and Cambodia, as he continues his quest for a Nobel Peace Prize.

"President Trump is keen to see the more positive results of the peace negotiations between Thailand and Cambodia," Malaysian Prime Minister Anwar Ibrahim said.

The US leader may also meet Brazilian President Luiz Inácio Lula da Silva outside the summit to improve ties after months of bad blood, officials from both countries told AFP.

Trump's next stop will be Tokyo on Monday and he will meet conservative Sanae Takaichi, named this week as Japan's first woman prime minister, on Tuesday.

Japan has escaped the worst of the tariffs Trump slapped on countries around the world to end what he calls unfair trade balances that are "ripping off the United States."

The climax of the trip is expected to be South Korea, with Trump due to land in the southern port city of Busan on Wednesday, White House Press Secretary Karoline Leavitt said.

Trump will then meet South Korean President Lee Jae Myung, address an APEC lunch with business leaders and meet US tech bosses for dinner, the White House said, during the APEC summit in the city of Gyeongju. The next day Trump will meet Xi 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.

Trump initially threatened to cancel the meeting and imposed fresh tariffs, before saying he would go ahead after all. He said Wednesday that he hoped to make a deal with Xi on "everything" and also hoped the Chinese leader could have a "big influence" on getting Russia's Vladimir Putin to end the Ukraine war.

South Korea, seeking its own trade deal, is reportedly considering the rare step of awarding Trump the Grand Order of Mugunghwa - the country's highest decoration - during his visit.

North Korea will also be on the agenda. The country fired multiple ballistic missiles on Wednesday, just days before Trump was due to visit. South Korea has halted tours in parts of the Demilitarized Zone (DMZ) separating the two Koreas, officials said Thursday, fueling speculation of a new meeting between Trump and North Korean leader Kim Jong Un.

Trump has said he hopes to meet Kim again following several meetings during the US president's first term, but there has been no confirmation of reports that the White House was looking at a new meeting this time.

Trump heads to Asia and will hold high-stakes meeting with Xi