But many economists and investors disagree with Trump's approach to trade and believe imposing tariffs on imports will directly result in what are effectively taxes on USA consumers as a result of higher prices.
The White House rebuke appears to fly in the face of long-held Republican opposition to picking winners and losers in the marketplace.
So watch the body language and read the words carefully after Saturday's dinner between Trump and Xi.
Tax receipts from import duties have surged this year as the Trump administration began imposing tariffs on the import of some goods from China.
"I will tell you that I think China wants to make a deal", he continued.
China, while it has imposed retaliatory tariffs of its own on more than US$100b of U.S. imports, has made some concessions by opening segments of its economy to greater foreign investment and promising wider liberalisation.
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The US has wound back its joint military exercises with South Korea, and North Korea has halted all missile and nuclear testing. He continued: "I hope inter-Korean ties will also be like this".
German Chancellor Angela Merkel blamed the crisis "entirely" on Russian Federation and said she would raise the issue with Mr Putin. However, the administration is more interested in structural changes to China's predatory trade practices, he added.
"We have been ripped off badly by people coming in a stealing our wealth", he said.
Previous summits have also seen participants who are not permanent members of the G20 invited, and Spain is a permanent invited guest and will be represented in Argentina.
"Backing off on China for some quick handshake agreement, without substantive, real, deep commitments will be seen as a victory by no one", Schumer said Wednesday.
"There's a good possibility that we can make a deal, and he is open to it", Kudlow said.
China, for its part, is hoping for "positive results" in resolving the trade dispute with the United States, the commerce ministry said on Thursday.
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Their current average margin of victory, plus-2.1 points, is what we would expect from a 45-win team. It swept a three-game homestand and had won six of seven before the road trip.
If the objective is to restore the United States economy to what it "used to be", then it won't only be China that will be adversely affected.
Mr Macron initially tried to befriend Mr Trump despite their deep differences, but the two have increasingly clashed, most recently over wine tariffs, Mr Trump's nationalism and Mr Macron's idea of a European army. They are, of course, ultimately a tax on United States consumers and shareholders. The pickup tariff, which also applies to work vans, has remained and has been a major contributor to US -automaker dominance in the domestic pickup market. On Monday, the company said it would shutter five North American plants, stop building six low-selling passenger cars in North America and cut up to 15,000 jobs.
Trump has also imposed tariffs on foreign steel and aluminum this year, in the interest of national security.
These include, the USA alleges, hacking into US firms' computer networks to steal trade secrets and demanding that American and other foreign companies hand over technology in exchange for access to the Chinese market.
As leader of a country ravaged by two world wars, he feels strongly about preventing a new one, and has warned that current battles over trade sound dangerously like those of the 1930s. "As of yet, China has not come to the table with proposals for meaningful reform", said Lighthizer.
Stephen Bartholomeusz is an Australian business journalist.
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Manafort's legal team said he has "provided information to the government in an effort to live up to his cooperation obligations". Prosecutors said they will detail the "nature of the defendant's crimes and lies" in writing at a later date to the judge.