Trump and Chinese President Xi Jinping are set to meet Saturday evening for a formal dinner on the sidelines of the G20 meeting in Argentina.

While the Putin meeting now appears off, Trump is still slated to sit down with various leaders on the G20 margins including German Chancellor Angela Merkel, one of his firmest foreign critics. The two leaders would also agree on a "framework" for further talks, USA officials such as Commerce Secretary Wilbur Ross have said publicly. To nudge his preferred outcome, Cook has also played diplomat personally in lobbying US and Chinese officials to reach a trade resolution. "And the stakes are very high".

He did not rule out a meeting with Trump. Since then, the Trump administration has imposed tariffs on $250 billion worth of Chinese goods with China responding by imposing reciprocal tariffs.

Speaking ahead of the G20, one senior official said the Trump-Xi focus was "the only game in town" at the summit on Friday and Saturday in Buenos Aires. Trump and Xi will have dinner on Saturday night. And 10 percent tariffs on $200 billion of Chinese goods are scheduled to rise to a more prohibitive 25 percent on January 1, 2019 unless a truce is agreed. He also suggested that if talks were unproductive, he would implement tariffs on even more Chinese goods. "And it is willing to cooperate with Washington in dealing with concerns about trade if they are fair-minded", the paper said.

Trump's chief economic adviser Larry Kudlow raised expectations of a deal earlier this week. Two days after GM's announcement, the U.S. Trade Representative Robert Lighthizer released a statement saying he would "examine all available tools to equalize the tariffs applied to automobiles" between the U.S. and China at the president's direction.

On Monday, the president said the US did not approve of escalating violence between Russian Federation and Ukraine, but didn't specifically call out Russia's behavior.

The president has pledged to reduce America's trade deficit by pursuing new trade agreements with countries he argues are engaging in unfair trade policies, especially China. "But, frankly, I like the deal we have right now", the president continued.

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On Thursday, Morrison expressed hope that the realization by both powers of the damage they would do to their economies if they escalated the trade war would lead to a breakthrough.

International Monetary Fund boss Christine Lagarde this week added her voice to those of world leaders. The two sides also vowed to "work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans". "Thus, it is imperative that all countries steer clear of new trade barriers, while reversing recent tariffs".

But tensions came to the fore again at a summit when Xi and US Vice President Mike Pence delivered competing speeches criticizing each other's trade and investment practices.

The Trump administration is seeking sweeping changes to China's state-driven economic policies, including new protections for USA intellectual property, an end to joint-venture requirements, more access for U.S. firms to China's vast market and cuts to China's industrial subsidies.

"There's some legitimate issues that have been raised by the US and those things can't be dismissed simply because of the nature of the way these issue are unfolding".

Instead, Lighthizer's statement escalated the dispute further, saying: "China's aggressive, state-directed industrial policies are causing severe harm to USA workers and manufacturers".