G20 Summit Preparations: White House: Good chance of a trade deal at Xi-Trump talks

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02:38

After Chinese President Xi's trip in Spain, he is expected to meet with his US counterpart at the upcoming G20 gathering in Argentina. Of special interest is whether this will do anything to ease trade tensions. Our correspondent Jessica Stone has more details from White House.

It was just one year ago that Chinese President Xi Jinping hosted U.S. President Donald Trump in Beijing for a state visit. The spirit of friendship seemingly cemented by 250 billion dollars in pledged business deals.

Since then, Trump has imposed tariffs on $250 billion in Chinese goods, from steel to handbags and toys.

Ahead of their meeting in Buenos Aires, Trump told the wall street journal quote: "If we don't make a deal, then I'm going to put the $267 billion additional on at a tariff rate of either 10% or 25%."

Beijing has expressed hope that the two presidents can make progress where lower-level efforts have stalled.

GENG SHUANG CHINESE FOREIGN MINISTRY SPOKESMAN "We hope that the US side can go hand in hand with the Chinese side and work hard to promote the meeting to achieve positive results in accordance with the spirit of the consensus of the two heads of state."

JESSICA STONE WHITE HOUSE "White House officials say that Xi and Trump will have a working dinner during the G20 with representatives from both sides, a chance to affirm their personal friendship and possibly ease tensions over trade."

Trump's economic advisor says the president is open to a deal.

LARRY KUDLOW DIRECTOR, NATIONAL ECONOMIC COUNCIL "IP issues must be solved. Forced tech transfer must be solved. Tariff and non-tariff barrier must be solved."

China's ambassador to the U.S., Cui Tiankai, warns of possible global consequences if the leaders don't reach an agreement, telling the wall street journal: "If we allow the current situation to go on, there's a real risk that the integrating global market might become fragmented."

I asked Kudlow to respond.

LARRY KUDLOW DIRECTOR, NATIONAL ECONOMIC COUNCIL "He makes a point. If he could do his part or his government could do its part, Certain things have to be changed. The rest of the world agrees with us."

Kudlow says the white house plans to use the G20 to rally the global community around Washington's position, an unlikely outcome for a U.S. leader who has shunned multilateralism and has repeatedly criticized America's top trading partners. Jessica stone, CGTN, at the White House.