Xi and Trump are due to meet this month at a gathering of the Group of 20 major economies in Argentina
The commission also said that across Asia and Europe, American influence is being steadily eroded and military balances have shifted in "decidedly adverse" ways that have raised the risk of conflict
The former Fed chief said America's appetite for foreign goods is helping create the trade deficits
China uses its biggest web forum to champion its vision
The talks will focus on security, but trade is at the heart of tensions
The Iron Curtain was the term used to describe the political and ideological barrier that divided western Europe from the communist Soviet Union during the Cold War
Discord has already arisen among Trump's trade team: US Trade Representative Robert Lighthizer is opposed to a push for a deal at the G20, according to two of the people
Mr Trump's tariffs will hurt the US as much as China, and businessmen in most countries are fearing losses in the Chinese market, should their governments become hostile to Beijing, writes T N Ninan
Neither leader specified any details of potential progress in their first known direct discussion in several months
What the trade war might offer for India-China economic engagement
US has already imposed tariffs on $250 bn worth of Chinese goods, and China has responded with retaliatory duties on $110 bn worth of US goods
The list would apply to imports from China that aren't already covered by previous rounds of tariffs
Negotiations have been on hold since mid-September, when the Chinese canceled a trip to Washington after the U.S. announced levies on the $200 billion of Chinese imports
Referring to the massive trade imbalance between US and China, Trump said, 'you know, USD 500 billion has been taken out of this country for years every year'
While earnings growth is still high at 22% so far this quarter, the amount by which S&P 500 index companies are beating analyst estimates is nearly half of what it was during the first quarter
In a volley of filings, the three regions this week escalated disputes over new US metals tariffs, Europe's response to those levies, and Chinese intellectual property practices
Trump imposed 10 per cent tariffs on a further $200 billion of Chinese products last month, including on furniture, and said those could rise to 25 per cent from January
So far, the US has imposed three rounds of import duty on Chinese goods worth $250 billion
Trump claimed that China, even if it wants, cannot retaliate beyond a point
Adding to trade and other tensions between the US and China are the issues of currency valuations, and a Chinese trade surplus