Xi and Trump are scheduled to have a series of meetings later in the day at the US President's Mar-a-Lago residence in Florida, which is now being called the Southern White House.
"It's fair to say that trade and the economic relationship generally will be a significant topic of discussion between the presidents at the summit," Matt Pottinger, Senior Director for Asia at the National Security Council at the White House told reporters.
"The spirit of this summit is for the two to develop a relationship, to really establish a relationship, and to lay out the key concerns that each side has about the relationship and to then begin moving towards some kind of a formal series of dialogues that will aim to address those issues as well as areas of longstanding cooperation between the two sides. I'll leave it at that for the moment," he said.
While the two leaders have talked a few times earlier, this will be the first time that they will meet, he added.
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The meeting comes in the aftermath of the recent Beijing trip of Secretary of State Rex Tillerson, which laid the ground work of the US-China summit.
"They'll have an opportunity to have tea together, meet some of their senior cabinet officials, so to speak, on both sides, and have a dinner," he said.
On Friday, there will be a series of meetings that will include a working lunch. Those meetings will have a variety of formats, the White House official said.
"We'll be talking about, of course, North Korea. We'll be talking about trade and the economic relationship. We'll be talking about maritime issues and a variety of other areas of cooperation and areas where we want to cooperate more closely with China," Pottinger said, adding that North Korea is now a "strategic liability" for China.
"It is now quite clearly a strategic liability, and it is one that is having an impact on the region. It is one that has the potential to destabilise not only the peninsula but really the region as a whole," Pottinger said.
"In terms of an area of co-operation, of course we would like to see China working closely with the United States to address the menace emanating from North Korea - their weapons programmes, the provocations that we're seeing every week; missile launches, including one that we just had not too many hours ago," he said.
"I think it's in Beijing's interest. I think that North Korea long ago ceased to be a strategic asset for China," he added.