Three months ago, Chinese officials saw the meeting between Xi Jinping and Donald Trump at the G20 as their best hope for a settlement that would end Beijing’s trade war with Washington. Then they hoped for a truce. Now they will consider themselves lucky if this week’s encounter passes without any embarrassment for Mr Xi, as they brace themselves for a new round of US tariffs early next year.

As the leaders of the world’s two largest economies prepare to meet for the first time in more than a year — on the sidelines of Friday’s G20 summit in Buenos Aires — the gulf between the two sides remains large.

According to people briefed on the talks, Beijing’s position has not fundamentally changed since May, when Mr Trump contradicted an assertion by China’s lead negotiator that the two sides had agreed not to proceed with tariffs.