It also, however, sees the trade confrontation as a U.S. attempt to repress China's economic and geopolitical ambitions and protect the dominance of the United States economy and, in particular, its leadership in technology.
The U.S.is due to raise import duties on about US$200 billion worth of goods from China to 25 per cent from 10 per cent on January 1.
For the G20 as a whole, Argentine Foreign Minister Jorge Faurie told AFP that the summit should stress the importance of trade itself.More news: Melania Trump uses Christmas decorations to promote 'Be Best' campaign
Trump said earlier this week the chances of holding off a tariff increase to 25% is "highly unlikely", and he repeated threats to impose tariffs on an additional $267 billion of goods from China, which would cover almost all Chinese imports to the U.S.
Kremlin spokesman Dmitry Peskov told reporters on Wednesday that the meeting is on and that Russian Federation has not received "any other information from our USA counterparts".
Paul Haenle, director of the Carnegie-Tsinghua Center for Global Policy in Beijing, said Trump needs to properly overhaul the US-China trading relationship and press for lasting reforms by Xi. Trump intends to raise existing tariffs from 10% to 25%, while also looking at other imports that don't now have tariffs imposed on them.
The China-Latin America and China-Argentina friendships hold a special place in the hearts of the peoples of the countries concerned, Yang added.
Mr Trump also said he would hit the rest of Chinese imports to the United States with tariffs if talks did not go well. We've only used a small portion of what we have to use because I have another $267 billion (in imports) to go if I want, and then I'm also able to raise interest rates. Steel tariffs led to increased prices on imports of the metal, and in turn inflated domestic steel prices, according to auto suppliers and executives who testified on Capitol Hill in September.More news: US Border Security Closes San Ysidro Port of Entry
Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management, wrote in a note this week that the odds of a Sino-US deal versus no deal on trade tariffs was "about 50:50 in the market's view".
Cui Lei, an expert at the Department for American Studies at Beijing's China Institute of International Studies, said the signs were not promising following the stormy APEC summit and new United States accusations of Chinese sharp practice on fronts such as intellectual property rights and technology transfers.
Korea's largest carmaker Hyundai Motor has been asking the Trump administration to exclude South Korean cars from the fresh auto tariff, as it would constrict both the production and sales of cars shipped to the U.S. and increase the financial burden on customers there.
White House spokeswoman Sarah Sanders said, however, that any interaction between the two leaders could not be ruled out. "We have an opportunity to extend that optimism, break some new ground", Kudlow said.More news: Historic Snowstorm Blankets Chicago Area; Thousands Without Power, Hundreds Of Flights Canceled
Xi said on Wednesday the worldwide community needs to build consensus to solve the conflict between free trade and protectionism. If no deal is reached during that meeting, he intends to impose tariffs of 10% to 20% on all remaining imported goods from China. But even more goods are likely to feel the pain, if Mr. Trump does escalate his tariffs.