"We are in a position to deal with it and handle it very well", he told reporters.
"We are bleeding technology and so the pain and the cost to the United States to actually entering into a deal is far greater than not dealing with them", said Gordon Chang, author of the "Coming Collapse of China".
He will press Chinese President Xi Jinping to avert the stepped-up tariffs by throwing open China's markets to U.S. competition and protecting foreign companies' intellectual property.
The rising tensions have seen the two countries hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains. China has retaliated with tariffs of its own on United States imports.
Meanwhile the US, Canada and Mexico are expected on Friday to sign a revamped version of the North American trade pact NAFTA, which Trump excoriated when running for president.
White House trade adviser Peter Navarro - a trade hawk - is expected to attend a dinner between the pair of world leaders, as first reported by the South China Morning Post, which some believe could decrease prospects of progress.
U.S. President Donald Trump's administration has made clear it does not want to torpedo the longstanding U.S. relationship with Riyadh, however. "I think the more likely surprise is they make more progress than what markets are expecting".
After imposing punishing tariffs on Chinese goods and threatening more to come in January, Trump also has China in his sights as he prepares to meet President Xi Jinping on the G20 margins.
Facing the prospect of a no-statement summit, European delegations were trying to create a common front and may come out with their own separate declaration if they can't get the US or others on board.
The report said the possible new talks would focus on trade "architecture", a broad term that could encompass many issues Washington wants Beijing to address, including intellectual property protection, coerced technology transfer, subsidies to state-owned enterprises and cyber-espionage. Since then, communications have picked up between the two sides, said Kudlow.
Donald Trump on Thursday cancelled a meeting he had scheduled to hold on Saturday with his Russian counterpart, Vladimir Putin, due to the seizure of Ukrainian ships by Moscow in the Black Sea.
"After 2-1/2 days of talks and very short nights, some two-thirds of the paragraphs have been okayed", said a G20 official involved in drafting the statement.
But now "the fact that the G-20 is taking place in South America for the first time is nearly beside the point", Shifter said, noting that Macri has lowered expectations for the event.
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