"Although Mnuchin suggested we are 90% there to a trade deal, that reaming 10% has always been the gap too far to bridge - especially that trust gap where the USA wants to keep existing tariffs in place to ensure China compliance", he added.
Kudlow dismissed a report in The Wall Street Journal saying that Xi will present Trump with a list of demands to be met if the two sides are to resume negotiations on ending their huge trade dispute.
Gasoline futures fell as much as 1.9% as it became clear suppliers from the U.S. Gulf Coast and Europe would be able to fill the gap for the closure of the biggest refinery on the U.S. East Coast.
White House economic adviser Larry Kudlow said on Thursday that Trump had agreed to no preconditions for the meeting, set to take place on Saturday at the G20 summit in Japan, and is maintaining his threat to impose new tariffs on Chinese goods.
A public comment period on the tariffs ends on July 2 following seven days of public hearings in which US companies large and small have begged to be spared from the tariffs, and have warned of hardships in shifting production out of China.
Kudlow reiterated Trump s view that the trade war is damaging China and not the United States and that tariffs are being "used to bring them to the table".
Gao noted that Xi told Trump during a phone call last week - a gesture that rekindled hopes of a deal - that he hoped the United States could treat Chinese firms fairly.
Earlier in May, the United States accused China of reneging on pledges to reform its economy, infuriating Beijing and leading to a collapse in trade talks.
China would consider putting foreign firms on a list designating them "unreliable" if they adopted discriminatory measures against Chinese entities, hurt its industries and threaten its national security, Gao said.
Lightyear One solar EV claims a 450-mile range
It was announced on Tuesday, and unlike most of the EVs on sale today, the Lightyear One is going its own way. The Lightyear One is still at the prototype stage so the specs are subject to change.
'Hero' catches child falling from apartment window
The alert teenage boy looked up and realized that a girl from the window is about to fall at any moment. The child was sent to a local hospital for a health check, but he did not suffer any serious injuries.
New Jersey woman charged in the fatal stabbing of her identical twin
The twin sister was taken to Cooper University Hospital where she was declared dead less than an hour later the nypost reported . She's pictured (right) with her twin sister and two friends in the last Facebook post before her death.
Details of the list will be released soon, he added.
Trump also indicated that he was ready to slap tariffs on all remaining Chinese imports, worth more than $300 billion.
There has been no change to China's conditions for making a trade deal with the USA as the two nations' leaders prepare to meet, a Chinese government spokesman said in Beijing yesterday.
On May 31, the commerce ministry said it was working on an "unreliable entities list" after the United States imposed additional tariffs on $200 billion of Chinese goods and added Huawei to the USA export blacklist.
No detailed trade deal is expected from the leaders' summit, a senior U.S. administration official said on Tuesday.
Japan will be hosting the meeting on Friday and Saturday for the first time since the inaugural G20 summit convened in Berlin 20 years ago in response to the series of financial crises that hit emerging markets back in the late 1990s.
The bilateral meeting, aimed at heading off a ratcheting up of USA tariffs on imports of consumer and other goods from China, is likely to be the most closely watched event at the G20 summit, hosted by Japan.
"The Chinese people are not afraid of pressure and never buy this kind of strategy", he told reporters. "At this moment, fear is no use".