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Major equity indexes in the USA started the day in the negative territory on Tuesday as investors stay cautious ahead of the G20 summit, at which US President Trump and his Chinese Counterpart Xi are expected to negotiate on trade.

If the two sides fail to reach a deal, Trump said he will also impose tariffs of either 10 per cent or 25 per cent on the remaining US$267 billion in annual USA trade with China.

Trump said this week that he is "highly unlikely" to step back on a planned increase in tariffs on $US200 billion worth of Chinese goods to 25%. Trump said there is a possibility of having a trade deal with China.

All three major USA indexes finished positive after spending much of the session in negative territory, as Kudlow said there is an opportunity to "turn the page" on a trade war with China.

On Monday, the president said the USA did not approve of escalating violence between Russian Federation and Ukraine, but didn't specifically call out Russia's behavior.

In an interview with The Wall Street Journal published after the market close, Trump said he expects to go ahead with raising the tariff on $200 billion of imported Chinese goods to 25% from the 10% level instituted in late September.

Global stock markets edged lower on Tuesday, as the previous session's strong rally ran out of steam after U.S. President Donald Trump appeared to quash hopes of a trade truce with China at the upcoming G20 Summit.

So far, Apple's most lucrative devices, like the iPhone and iPad, have been left out of US tariffs.

US stock options traders are braced for a surge in volatility around the G20 summit. The Trump-Putin meeting will cover security issues, arms control, and issues in the Middle East and Ukraine, White House national security John Bolton told reporters.

The trade war between the United States and China is in its full swing.

China's President Xi Jinping speaks next to President Donald Trump during a business leaders event at the Great Hall of the People, in Beijing, on November 9, 2017.Since summer, trade tensions have simmered between Washington and Beijing as Trump first announced $50 billion in additional tariffs on Chinese products. I'm not here to critique or second guess the Chinese economy but most observers believe China to be in a slump, whereas the United States is in a very strong, solid position going into this summit.