Trump economic adviser, Larry Kudlow, warned on Tuesday, June 18th, that there are "no guarantees" of any resolution in Osaka, referring to the trade war between the US and China.
"Our position continues to be (that) we want structural changes”, Kudlow said in statements before reporters on Tuesday, adding “They (Trump and Xi Jinping) had a good conversation. The fact that they're meeting is a good thing", referring to the phone call they had this week.
"I had a very good telephone conversation with President Xi of China. We will be having an extended meeting next week at the G-20 in Japan," Trump said on Twitter.
Trump's tweet sparked a rally on Wall Street, where the multi-front trade battles have repeatedly rankled investors worried about dented corporate profits and disruption to one of the major axes of global trade.
Global markets are concerned about Trump's threat to impose more steep tariffs on China, on an additional $300 billion in goods, which could hurt the already slowing Chinese economy and spread the gloom worldwide.
Trump last week threatened to "immediately" jack up tariffs should Xi fail to show at the meeting. The US already has 25% duties on more than $250 billion of imports from China.
In addition to trade, Xi and Trump are expected to discuss US-led efforts to persuade North Korea to give up its nuclear arsenal.
Ahead of the G20 leaders' summit in Osaka, Xi will make the first visit to North Korea by a Chinese president in 14 years.