Yet analysts say the Chinese leader is likely holding out for concrete deliverables before agreeing to the high-profile meeting. Trump dramatically escalated the trade war with the world's second-largest economy in April, rolling out sweeping new tariffs that prompted China to respond with its own export duties and other measures.

President Trump said that he is not looking for a summit with Chinese President Xi Jinping, pushing back on reporting that the tariff talks this week could set the groundwork for a meeting with his counterpart.