President Trump optimistic about meeting with Chinese president at G20 summit

China has become a major economic powerhouse in the last few decades

China has become a major economic powerhouse in the last few decades

Asked, however, if he had promised Xi a six-month reprieve on imposing new tariffs on a $325 billion list of Chinese imports, as some media had reported, Trump said: "No".

"Among the preconditions, said Chinese officials with knowledge of the plan, Beijing is insisting that the US remove its ban on the sale of USA technology to Chinese telecommunications giant Huawei Technologies Co".

The meeting of G20 leaders is underway in Osaka, Japan, and there is one question on investor minds: will the meeting between President Trump and President Xi break the deadlock on trade between the USA and China?

China's foreign ministry has expressed hope that the USA government can "meet China halfway" amid a costly tariff fight over trade and technology.

Trump's trade advisers have sought to hammer out an agreement that would address practices like intellectual property theft and large-scale state subsidies in China, viewing tariffs as a potential way to enforce those policies.

Mr Trump said he was proud of the US' partnership with Australia.

Prime Minister Scott Morrison met the President for a working dinner ahead of the G20 summit meeting in Osaka, Japan, where he offered Trump a "warm invitation" to the December golfing event.

As "we expand digital trade, we must also ensure the resilience and security of our 5G networks", he said.

Saturday's Trump-Xi "meeting is hugely important as the trade war represents arguably the greatest threat to the global economy - especially if it is allowed to escalate further", Craig Erlam, senior analyst at Oanda trading group, told AFP.

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Many hope that the meeting will lead to another trade truce, and pave the way for talks to restart between the world's two largest economies.

While inflation expectations in the United States and Europe have declined in recent weeks, as measured by forward-starting swaps, USA gauges have stabilised after the Federal Reserve opened the door to rate cuts last week.

US President Donald Trump has hinted that Washington and New Delhi may settle their trade dispute.

The drawn out trade war has slowed global growth and pushed many central banks toward cutting interest rates to support their economies.

"This is unacceptable and the tariffs must be withdrawn!" said Trump, who will meet Modi at this week's G20 summit in Japan.

Another sign of the tense Sino-US relationship came at the official "family photo" of all G20 attendees, when Mr Xi switched places with Turkey's leader rather than stand in his assigned spot next to Mr Trump.

They have levied import duties on their countries' goods, with Trump threatening to implement around $300 billion in new tariffs in just weeks and Xi using his own tariffs to target agriculture- and manufacturing-heavy areas of the United States that broke for Trump in the 2016 election.

"China was less positive in its outlook which was in stark contrast to basically everybody else", said the official, who spoke on condition of anonymity.

Japanese Economy Minister Toshimitsu Motegi and US Trade Representative Robert Lighthizer were to meet later in Osaka.

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