The G20 summit kicked off in Buenos Aires on Friday, with a plea from the host, Argentine President Mauricio Macri, for world leaders to have a "sense of urgency" and take actions "based on shared interests".
With a rise in nationalist sentiment in many countries, the G20, which accounts for two-thirds of the global population, faces doubts over its ability to deal with trade tensions and other geopolitical differences among.
Following hopes that a deal would be made between the two countries, United States stocks closed higher on Friday. "And we'll see", Trump said.
USA officials insist that the American economy is more resilient to the tumult than China's, but they remain anxious of the economic effects of a prolonged showdown - as Trump has made economic growth the benchmark by which he wants his administration judges.
The leaders of the world's largest economies opened talks on Friday overshadowed by US President Donald Trump's threat to escalate tariffs on imports from China as well as military tensions between Russian Federation and Ukraine.
In memory of the summit, the spouses of the leaders were also presented with bracelets made of silver mined in Argentina.
"Australia has always been a successful trading nation and that's how we will continue to ensure the prosperity for our people", Morrison told reporters after landing in Buenos Aires on Friday morning. In previous years, the G20's joint statement had been hammered out well in advance.
China has responded with tariffs on $110 billion in USA goods, but Chinese officials say they still aren't clear what exactly the US wants from it and Xi will likely attempt to gain more clarity and possibly put forward new proposals.
Yesterday Mr Trump cancelled a planned sit down with Mr Putin, citing Russia's recent seizure of Ukrainian ships and sailors.
The presidents of the USA and Russian Federation apparently haven't even said hello or shaken hands at the G20 summit, after their planned meeting was canceled.
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The dinner scheduled for Saturday evening has been cast as a key encounter that could help the two leaders ease the trade tensions, or it could end in stalemate.
Trump met Friday with Japanese Prime Minister Shinzo Abe and Indian Prime Minister Narendra Modi in a rare trilateral meeting. The Kremlin said it was willing to be "patient" in arranging a meeting with Trump.
Trump's skepticism that global warming is caused by human activity has raised questions about whether the countries will be able to reach enough consensus on climate change to include it in the summit's final communique. The official said it was meant to send a message to China of USA resolve on trade.
Trump engaged in a chat with other leaders, while Putin had a good laugh together with the Saudi Crown Prince Mohammed bin Salman and even "high-fived" him after the G20 "family photo".
Saudi Arabia's Crown Prince Mohammed Bin Salman was among the G20 leaders and was greeted especially warmly by President Vladimir Putin of Russian Federation.
The de facto Saudi leader denies having prior knowledge of Khashoggi's killing at the Saudi consulate in Istanbul in October.
Later in the one-minute clip Mr Macron says: "You never listen to me" and the Crown Prince replies: "I will listen, of course".
Trump said there were "good signs" for a potential trade deal with Beijing ahead of a Saturday dinner meeting with his Chinese counterpart Xi.
French President Emmanuel Macron and Chinese President Xi Jinping were also seen speaking with the prince on the summit's sidelines. Putin reportedly pulled out a pen and paper to sketch the skirmish in the meeting, Bloomberg reported.
If Ukraine was the stated reason to cancel his talks with Putin, the latest revelations in the probe showed that Trump can not escape the lengthening shadow of what he again called the "witch hunt" at home when he comes to global fora like the G20.