Recent warnings of protectionism were largely brushed off by Trump, as he stated he would further extend tariffs on Chinese goods next year if a deal isn't reached, telling The Wall Street Journal: "If we don't make a deal, then I'm going to put the $267 billion additional on, at an interest rate between 10 and 25 depending".
On Thursday, Trump said he was "very close" to making a deal with China, but added, "I don't know if I want to do it".
The rising tensions have seen the two countries hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains.
Beijing has criticised Washington's aggressive trade policy for its "harmful consequences" and has implemented reciprocal measures on more than $60 billion in USA imports. In Trump's public comments, at least, there is no room for the possibility that the tariffs will also damage the US economy, although that is the consensus of most experts.
The report said the possible new talks would focus on trade "architecture", a broad term that could encompass many issues Washington wants Beijing to address, including intellectual property protection, coerced technology transfer, subsidies to state-owned enterprises and cyber-espionage.
Trump was coy about whether he wanted a deal with China as he left the White House on Thursday to fly to the G20 Summit in Argentina. "China trade conflict", Willis Sparks, director of global macro politics at Eurasia Group.
There had been speculation that Canadian prime minister Justin Trudeau might not attend and send his foreign minister instead if Mr Trump does not lift steel and aluminium tariffs, but a Canadian broadcaster reported late on Thursday that he would be at the ceremony.
"President Xi can step up and come up with some new ideas for us". As part of the discussions over the past year, the USA has given Chinese officials a list of 142 demands it wants addressed. USA intelligence officials have concluded that the Saudi crown prince must have at least known of the plot.
"I will highlight the need for reformed multilateralism which reflects the contemporary realities and can effectively strengthen collective action for global good", he said.
Trump has apparently not yet decided whether this new tariff will be 10% or 25%, but when asked about potential backlash, he indicated that consumers would "very easily" accept a 10% increase on phone prices.
Trump will also hold bilateral meetings with South Korean President Moon Jae-in, Turkish President Recep Tayyip Erdogan, Japanese Prime Minister Shinzo Abe, Argentine President Mauricio Macri and Russian President Vladimir Putin, said White House National Security Adviser John Bolton.
The Leaders' Summit will be complemented by meetings of finance ministers from G20 member states.
Shortly before the summit kicks off, Trump's "America First" charge will bear fruit with the signing in Buenos Aires of a successor to the North American free trade pact NAFTA.