"Tariffs come and go", said the investor whose firm is estimated to have $815 million in assets under management."But how do you negotiate with someone... with the hopes that they would liberalize their economy and do the things they said they would do, and especially don't do the things they said they wouldn't do, and yet they've done everything exactly as they always have?"
Stocks rebounded in another volatile session, as U.S.
But he said the chasm between the two sides on issues such as Chinese industrial policy and intellectual property theft remained vast and that any post-G20 negotiations were likely to be hard as a result.
Xi and Trump are due to meet this month at a gathering of the Group of 20 major economies in Argentina.
"Trump is leaving the door open for a deal with Xi in Argentina, but only if Beijing is willing to make massive changes that the United States is demanding in its economic, military and political activities", Pence said.
Ross said that the USA is still planning on January 1 to increase tariffs to 25 percent on some US$200 billion in goods from China that became subject to a 10 percent import tax in September.
"The U.S. side should also respect China's sovereignty, security, and development interests, and respect the development path chosen by the Chinese people in line with its own national conditions".
"What'll drive the talks is when two countries feel like they're ready to do it, and I think getting the midterms out of the way is very useful".
Trump's chorus of economic advisers continue to provide different views on China. Besides more tariffs being slapped on Chinese goods, retaliations from China are to be expected that would hurt growth and destabilize markets.
Administration sources have leaked to news agencies last week that tariffs covering as much as $257 billion worth of Chinese goods could be announced next month. Trump has also threatened to impose tariffs on all remaining Chinese imports, about $267 billion worth, if Beijing fails to address US demands. China has responded with import tariffs on USA goods.
Speaking to reporters on the White House lawn Tuesday, Kudlow said that Navarro "misspoke" and "wasn't authorized" to speak on the matter.
Trump has made it a priority to take an aggressive stance against China for what he says are unfair trade practices, including intellectual property theft and forced technology transfers. But everything depends on the country whether it wants to avoid a cold-war situation any time soon or not, Pence further added.