On Monday, President Trump accused China of seeking to gain a competitive advantage against USA producers by devaluing their currency, the yuan, and threatened to slap Beijing with immediate tariffs on $300 billion' worth of Chinese goods if Xi didn't meet him in Osaka on June 28 or 29 during the G20 summit.

"We're expected to meet and if we do that's fine, and if we don't - look, from our standpoint the best deal we can have is 25% on $600bn".

"But he's for China and I'm for the United States - it's a very simple stat".

Tensions between Washington and Beijing flared in May after the Trump administration accused China of reneging on promises to make structural economic changes during months of trade talks.

The president said the same strategy will work in the U.S. trade talks with China. US officials have accused Chinese technology companies such as Huawei of stealing trade secrets and threatening cybersecurity - possibly at the behest of the ruling Communist Party. He added, "But if it insists on escalating trade frictions, we will respond to it with resolution and perseverance".

Trump's threat about Chinese tariffs came amid growing concern by some business leaders questioning whether he is misusing tariffs - or the threat of imposing them - in ways that could hurt the US economy.

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"It's put them at a tremendous competitive advantage, and we don't have that advantage because we have a Fed that doesn't lower interest rates", Mr. Trump said. That heavily-qualified denial doesn't convey much confidence, though, and the fact that Xi felt compelled to defend the strength of his country's economy during an interview with Chinese and Russian media shortly before meeting with Putin only makes Xi's braggadocio seem even more contrived. You know why? Because of tariffs.

He was earlier blasted by the U.S. Chamber of Commerce (USCC) for weaponizing tariffs and hurting the United States.

"There's nothing that Trump is asking China to do that is not completely reasonable", Moore went on.

Huawei, the world's top network equipment provider and second-largest smartphone maker, has become embroiled in the trade dispute between China and the U.S. U.S. officials have accused Chinese technology companies, including Huawei, of stealing trade secrets and threatening worldwide cybersecurity.

"I think he'll go and I have a great relationship with him".

"I believe if China is willing to move forward on the terms that we were discussing, we'll have an agreement", Mnuchin said. Now "they'll never catch us".

G-20 finance ministers meeting in Fukuoka, Japan, over the weekend said trade and geopolitical conflicts are risking global economic growth, but at the USA insistence, dropped a call to "recognize the pressing need to resolve trade tensions".