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Trump tweeted early on Wednesday morning that “we are not in a trade war with China”, while Ross told CNBC that he expects the situation will likely lead to a negotiated deal. Larry Kudlow, director of the White House National Economic Council, suggested that it’s possible Trump’s tariffs are a negotiating tactic and won’t actually take effect.

Trump has threatened Tokyo with potentially devastating tariffs on Japanese autos and parts. And he wants to have the issue settled quickly, "probably in August", he tweeted. But if he was serious about that deadline, he might be disappointed.

Treasurer Josh Frydenberg said the Australian Competition and Consumer Commission, or ACCC, would release in late July draft rules for the platforms to pay fair compensation for the journalistic content siphoned from news media.

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Trichet said observing China's role in ushering in a revolution in global governance in previous years was "particularly fascinating".

Trend suggests IP protection gaining a stronger foothold in digital media

Trump started his China tour on Wednesday, with dozens of corporate big-wigs reportedly joining the president.

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Trump also said the summit might not happen.

Tu Xinquan, dean of the China Institute for World Trade Organization Studies at the University of International Business, said the WTO rules and mechanisms should further be improved as many emerging economies understand and utilize the rules differently. This cannot be addressed in the current negotiation mechanisms.

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Trips to the polar regions have witnessed explosive growth in China in the past few years. According to the International Association of Antarctica Tour Operators, China contributed the second largest number of tourists to the South Pole in 2016, next to the United States. The number of Chinese tourists who visited the South Pole reached 3,944 last year, soaring nearly 40 times from the less than 100 in 2008.

Troop-contributing and money-contributing countries should become a joint force, he said.