"There's a good possibility that we can make a deal, and he is open to it", Kudlow said.
He made the remarks as he prepared to depart for the G-20 summit meeting of world leaders in Argentina.
Indeed, the European Central Bank warned this week that escalation to a more generalized trade war, with all countries introducing border tariffs on each other's imports, could lead to strong financial-market corrections.
One of Trump's goals in issuing the tariff is to pressure Apple to move production to the US; but the cost of shifting the tech leader's global supply chain from China to America would be expensive, hard and, therefore, "highly unlikely".
"It will be the first time the two leaders from China and the United States have met face-to-face since bilateral trade tension escalated", said Sang Baichuan, a professor at the University of International Business and Economics in Beijing.
President Trump said recently that current tariff levels on $200bn (£157bn) of Chinese imports would rise as planned.
"If we can see either a pause or a deal on the trade war this coming week, as well as some type of agreement between Russian Federation, the United States and Saudi.that's the basis of our call here", Corrie said.
On the sidelines of the summit, Erdoğan is also expected to hold bilateral meetings with other leaders and representatives of worldwide organizations.
Trump is supposed to meet with China's president, Xi Jinping, while the two attend the summit.
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Asked about the briefing listed on the media agenda, Wang Xiaolong, the ministry official slated to conduct it, replied: "Nobody told me about this".
Cell phones and computers, among China's biggest exports to the United States, have been spared as the administration has sought to minimize the impact on USA consumers.
"However, it should be feasible for some kind of agreement to be reached to prevent the dispute worsening if both sides are reasonable", it said.
On Thursday, he urged US companies in a Twitter post to build in the U.S.in order to avoid tariffs because there is "a long way to go".
Apple CEO Tim Cook has personally pressed the issue of tariffs with Trump, telling the president that while there are valid concerns about U.S.
Voice of America reporter Steve Herman said on Twitter: 'I was sitting in the press filing center here in Buenos Aires and we heard this rumble and saw the chandeliers sway slightly.
The leaders, who know each other personally from their days in the business world, greeted each other like old friends at Macri's executive mansion, Casa Rosada, but technical difficulties threatened to throw cold water on the warm meeting.
Trump will also hold bilateral meetings with South Korean President Moon Jae-in, Turkish President Recep Tayyip Erdogan, Japanese Prime Minister Shinzo Abe, Argentine President Mauricio Macri and Russian President Vladimir Putin, said White House National Security Adviser John Bolton.