U.S. President Donald Trump began the final leg of his Asia trip in South Korea on Wednesday, optimistic about advancing an unresolved tariff deal with the country's President Lee Jae Myung and striking a trade war truce with China's Xi Jinping, Reuters reported.

Arriving from Tokyo hours after North Korea test-fired a nuclear-capable cruise missile, Trump was treated to a lavish reception by Lee in Gyeongju, a sleepy town hosting this year's Asia-Pacific Economic Cooperation forum, before Thursday's talks with Xi.

Speaking to reporters aboard Air Force One en route to South Korea earlier, Trump dismissed the North Korea missile test and said he was squarely focused on his meeting with the leader of the world's second-largest economy, according to Reuters.