Global markets are watching closely to see if Thursday's planned meeting between the two presidents can halt a trade war sparked by the sweeping tariffs Trump announced after returning to office this year.

Speaking at a forum in Beijing on Monday, Wang Yi urged "an end to politicising economic and trade issues, artificially fragmenting global markets, and resorting to trade wars and tariff battles".

"Frequently withdrawing from agreements and reneging on commitments, while enthusiastically forming blocs and cliques, has subjected multilateralism to unprecedented challenges," Wang said, without naming specific countries.

"The tide of history cannot be reversed and a multipolar world is coming," Wang said.

Trump began a tour of Asia on Sunday, which is set to culminate in a meeting with Xi in South Korea -- the first face-to-face talks between the two leaders since the US president began his second term in January.

US Treasury Secretary Scott Bessent and China's Vice Premier He Lifeng have already held two days of trade talks, seeking an agreement to avoid additional 100 percent tariffs due to come into effect on November 1.

China's vice commerce minister, Li Chenggang, said a "preliminary consensus" had been reached.

Bessent told ABC that the extra tariffs had effectively been averted, and signalled a deal on rare earths and American soybean exports had been reached.

Aside from trade, Trump and Xi could touch on the issue of Taiwan, the self-ruled island that China claims as part of its territory.

Under longstanding policy, the United States recognises only Beijing but provides weapons for Taiwan's self-defence.

US Secretary of State Marco Rubio said last week that "no one is contemplating" abandoning Taiwan as part of a trade deal with China.

Chinese state broadcaster CCTV published a report early Monday morning saying Beijing's military had "recently" sent H-6K bombers to conduct "simulated confrontation training in the sea and airspace surrounding Taiwan".

Taiwan's Ministry of National Defense (MND) dismissed the report as "clearly a propaganda operation aimed at intimidation".

Daily data published on social media by the MND showed no substantial spike in air incursions by Beijing in recent days.