Beijing mum on Trump-Xi meeting at G20 summit

"I think he will go, and I think we are scheduled to have a meeting", Trump said.

In the past, Russia's relative economic impotence made it a relatively unattractive partner for Beijing - but today, the hard-pressed Chinese government simply has no other choice but to reach out for any lifeline it can find. You know why? Because of tariffs.

The Chinese statement did not mention any country by name, but the United States has restricted US firms from selling technology to China's Huawei, suspecting the company of building spyware into its telecommunications products.

In a game of tit-for-tat, Trump added, China will lose simply because they have far fewer US imports they can target. So they sell us a auto, it comes right into our country, no problem.

"At the G20, at most it will be. some sort of agreement on a path forward, but certainly it's not going to be a definite agreement", Ross told CNBC in a television interview. Trump, who has embraced protectionism as part of an "America First" agenda, said on Monday the tariff threat on Mexico would be reinstated if Mexico's Congress did not ratify another part of the migration pact.

However, as the U.S. economy shows signs of slowing, more and more economists - and one voting member of the Fed's policy committee - now say the next move will be to cut rates to support growth, possibly this year.

U.S. President Donald Trump threatened Monday to impose tariffs on another $325 billion worth of imported goods from China if Chinese President Xi Jinping does not engage in new trade talks with him later this month.

His overall aim, the Republican said, is to ensure that China never overtakes the United States as the world's top economy.

"China is going to make a deal because they're going to have to make a deal", he added. "They want to make a deal much more than I do, but we'll see what happens".

Geng declined to confirm whether or not President Xi would meet Trump at the G20, promising that the foreign ministry would "release information on this when we have it".

Trump told reporters last week that "a lot of interesting things are happening" during talks with China, but said he could impose tariffs on "at least" another $300 billion worth of goods.

But by consistently linking the company to trade talks, Trump has suggested his aim is to stunt China's growth as an economic rival to the US. But now we are going to actually be leading very shortly.

Trump said concerns over Huawei could be dealt with in a new trade deal. "It's put them at a tremendous competitive advantage, and we don't have that advantage because we have a Fed that doesn't lower interest rates", Mr. Trump said.

For some Chinese experts, this sounds again like a trick.

Trump is obviously not sure of how to deal with the emerging multiple polar world characterised by the emergency of countries like China, Russia and India as influential forces in world affairs.

With the Mexico standoff temporarily resolved, much of the focus will now shift back to Trump's approach with China.

Trump suggested that the corporation made a huge misstep by believing the playing field would not eventually be leveled through tariffs on Chinese imports, thus crippling their offshoring, made-in-China business model.

He has claimed that the country agreed to purchase large amounts of U.S. agricultural products as part of the agreement, but Mexican officials say there is no such provision.

News of the US-Mexico deal brought some relief to global stock markets on Monday, and the Mexican peso gained more than 2 percent against the US dollar, recovering some of its losses from recent weeks. "It will be revealed in the not too distant future and will need a vote by Mexico's Legislative body!"