As world leaders get down to business at the G20 in Buenos Aires, tensions over trade, security and climate change already threaten to leave it the third such multilateral meeting this year to fail to agree a joint communiqué, following in the footsteps of the G7 and APEC summits.
The leaders - 35 men and two women - posed for the "family photograph" traditionally taken at G20 gatherings, before heading to the plenary chamber room for initial round-table discussions, to be followed by a series of one-to-one conversations between leaders in the center's maze of meeting rooms. United States stocks closed slightly higher on Friday on market hopes that a compromise could be reached by the two leaders.
"We're in very good shape", Kudlow said.
The president's economic adviser Larry Kudlow, in a briefing with reporters this week, similarly sought to make the case that the US comes into the negotiations from a stronger bargaining position than China.
The US is very close to a trade deal with China, President Donald Trump has said, but remained noncommittal to its final outcome ahead of his meeting with Chinese counterpart Xi Jinping in Argentina on the sidelines of the G-20 Summit.
Economic troubles could spread much further if Trump goes through on a threat to impose auto tariffs on trading partners including Europe and Japan, the International Monetary Fund warned in a pre-G20 report.
One bright spot before the summit opened was the signing of a revised U.S. -Mexico-Canada trade pact to replace the North American Free Trade Agreement.
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.
Trump on Thursday cancelled a planned bilateral with Putin over Russia's naval skirmish with Ukraine in waters near Moscow-annexed Crimea.
A total of 19 world leaders including U.S. President Donald Trump, Turkish President Recep Tayyip Erdogan, French President Emmanuel Macron and German Chancellor Angela Merkel are attending the gathering along with European Union representatives.
Tim Paine responds to Michael Clarke's criticism of new Australia
We did well on the last two tours of South Africa and England. "It's more about getting your noses ahead in Australia". He looked shaky at times with circumspect timing, as seen in his dismissal off a full toss caught at mid-wicket.
Xi has in turn cast himself as a defender of stable global capitalism, a startling transformation for the leader of a communist state whose entry into the World Trade Organization less than two decades ago was controversial.
Mr Trump said he would not meet the Russian leader "based on the fact that the ships and sailors have not been returned". The Kremlin said it was willing to be "patient" in arranging a meeting with Trump.
Argentina's presidency voiced cautious optimism that consensus would be reached, but a White House official said the United States would walk away from any statement that prejudiced US interests.
Putin grinned broadly and welcomed Saudi Crown Prince Mohammad bin Salman like a long-lost friend with an enthusiastic handshake after the group photo, where Trump looked on somberly and Xi stood impassively.
Trade and tariffs have been topics of increasing tension between the U.S. and China.
Saudi Arabia maintains that the Crown Prince had no knowledge of the killing.
"Whether they come to an agreement tomorrow, really only they can discern that", Mr Morrison told reporters after he met Mr Trump.
Theresa May, the British prime minister, told journalists that she was planning to meet with the crown prince while in Buenos Aires to discuss the military situation in Yemen as well as other issues. "That's all I said".
Oil markets were awaiting a bilateral meeting between Putin and Prince Mohammed on Saturday afternoon for any sign that Russian Federation will participate in a production cut by the OPEC oil cartel next month.
Putin was the only leader to exchange an openly cordial greeting with the isolated Saudi prince, high-fiving him when he entered the main summit room, news reports said.