The monthly goods deficit grew by $1 billion in October, according to a US Census report released Wednesday.
The president has also repeatedly said that should a deal not be reached, his administration stands ready to further escalate the US tariffs imposed on China.
And while this impact isn't massive in an absolute sense, the current run-rate for tariff-related taxes is about $200 billion per year, which would be a roughly 30% increase over the payments the Treasury had previously been receiving.
Trump, whose economic record is likely to be a key factor in his race for re-election in 2020, lashed out at General Motors (GE) after the company's recent announcement of USA layoffs and plant closures and threatened additional tariffs.
Additional tariffs on auto imports from China would affect any cars produced in China.
One of Trump's goals in issuing the tariff is to pressure Apple to move production to the USA; but the cost of shifting the tech leader's global supply chain from China to America would be expensive, hard and, therefore, "highly unlikely". "And, believe me, I'll be putting them on because China has been ripping off our country for many, many years".
Some estimates have suggested a 10 per cent tariff on iPhones imported into the USA would amount to about US$40 a phone, based on the import-assessed cost of the device.
The signs that Trump wants a compromise over the looming ramped-up tariffs suggest he senses that in Xi he has met his match.
"The G-20 members, accounting for 86 per cent of global GDP and 80 per cent of aggregate trade volume, should continue to expand worldwide economic cooperation and improve macro policy coordination", said Mr Ruan Zongze, executive vice-president of the China Institute of worldwide Studies. At the same time, even a minor dose of tariff pain carries more significance for Apple than it would have a couple of years ago.
Buenos Aires: As US President Donald Trump makes his flying entry into Argentina today for a G20 summit, speculations are rife that US and China will go head on with their trade war.
"Based on the fact that the ships and sailors have not been returned to Ukraine from Russian Federation, I have decided it would be best for all parties concerned to cancel my previously scheduled meeting in Argentina with President Vladimir Putin", he tweeted.
National Economic Council Director Larry Kudlow said that the White House was having "a lot of communication with the Chinese government at all levels". But Trump escalated tensions earlier in the week, when he repeated a threat to put tariffs on the remaining Chinese goods if a deal can't be reached. The actions against China are motivated by unfair trade practices by Beijing. The two have increasingly clashed in recent weeks on everything from Mr Trump's nationalism to wine tariffs.
"And I would expect that to be the case again", said Matthew Goodman, who oversaw Asia-Pacific economic issues for the Obama White House. "So I think you're seeing both the interpersonal one-on-one dynamic, but then there is that multilateral framework".
"We need them to agree a constructive way forward on global trade". At a rally near GM's Lordstown plant last summer, Trump told people not to sell their homes because the jobs are "all coming back".
But American manufacturers that use steel, including automakers, have argued that the tariffs have made the cost of domestic production more expensive.