Trump has also threatened to impose tariffs on the remaining $267 billion worth of Chinese products imported previous year."Billions of Dollars are pouring into the coffers of the United States of America because of the Tariffs being charged to China, and there is a long way to go", Trump said on Twitter earlier Thursday.
The meeting came ahead of a two-day G-20 summit from Friday in Argentina's capital, an event that will bring together U.S. President Donald Trump, Chinese President Xi Jinping, Japanese Prime Minister Shinzo Abe and other world leaders.
The highly anticipated dinner between the two leaders, set for Saturday, will occur on the sidelines of the G-20 summit in Argentina.
Volvo, which is owned by Chinese carmaker Geely, plans to move most of the production of its best-selling XC60 SUV for export to the USA market away from its Chengdu plant in China to Torslanda in Sweden.
"If a meaningful deal is reached between OPEC and Russian Federation to tackle glut problems, we can probably expect a meaningful rebound in energy prices", said Margaret Yan Yang, market analyst with CMC Markets Singapore.
The U.S. leader has threatened to impose tariffs on all Chinese imports if he and Xi fail to strike a deal in the coming talks. He has previously said he's happy maintaining tariffs on Chinese imports if the two nations don't settle their trade differences. A 10 percent tariff on $200 billion of those goods is due to rise to 25 percent on January 1. The new North American trade deal exempts the first 2.6 million SUVs and passenger cars built in Mexico and Canada from new tariffs.
"The Chinese side has repeatedly stressed that the essence of Sino-U.S. economic and trade cooperation is about mutual benefit and win-win", Gao said. Larry Kudlow, the top White House economic adviser, this week also told reporters that Trump needed Xi to offer more at his meeting for a breakthrough.
Earlier this month, Xi and Trump discussed the US-China trade conflict during a phone conversation that Trump called "very good".
U.S. Trade Representative Robert Lighthizer is examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 percent duties that China is now charging on U.S. -produced vehicles.
The Trump administration is seeking sweeping changes to China's state-driven economic policies, including new protections for USA intellectual property, an end to joint-venture requirements, more access for US firms to China's vast market and cuts to China's industrial subsidies.