'Whether they come to an agreement tomorrow, really only they can discern that, ' Mr Morrison told reporters after he met Mr Trump. Global markets are expected to rise or fall depending on the outcome of their meeting.
The group of 20 accounts for 85% of the world's GDP and two-thirds of its population.
A total of 19 world leaders including U.S. President Donald Trump, Turkish President Recep Tayyip Erdogan, French President Emmanuel Macron and German Chancellor Angela Merkel are attending the gathering along with European Union representatives.
En route to Argentina, Xi said in Spain on Wednesday that his government would indeed boost protection of intellectual property, although foreign companies in China complain they have heard such promises before. "We call on all members to oppose such WTO-inconsistent measures, stand by their commitments undertaken in the WTO".
A slowdown in the global economy will worsen if Trump presses ahead with plans to further increase tariffs on some $200 billion of Chinese imports to 25 percent, OECD Secretary General Angel Gurria told Reuters. If we can make a deal that'd be good.
For the wider G20 meeting, consensus is proving elusive.
Such a statement would endorse the Paris Agreement on climate change, repeating one issued at last year's G20 in defiance of Trump, who has yanked the United States out of the pact despite increasingly urgent warnings from scientists in advance of a UN climate meeting starting in Poland next week.
Argentine officials are distancing themselves from the USA version of how they view China trade after a meeting during the Group of 20 summit.
The Trump administration is understood to be preparing new restrictions on Chinese nationals applying for places at American universities as part of an effort to curb spying.
Chinese President Xi Jinping and the leaders of major developing economies condemned protectionism at a G20 summit in Argentina on Friday overshadowed by U.S. President Donald Trump's threat to escalate tariffs on China.
Facebook says COO Sandberg asked for info on Soros
Facebook said the company was already researching Soros when Sandberg sent an email asking if Soros had shorted Facebook stock. This news suggests we still may not know Sandberg's real role in the "dark PR" work Facebook was doing in Washington.
In tweets on Thursday afternoon, US President Donald Trump abruptly called off a planned meeting with Russian President Vladimir Putin over Russia's seizure of Ukrainian navy ships in disputed waters off the Crimean peninsula on Sunday.
The two leaders made headlines nonetheless through a hearty handshake ahead of the G20's family photo event.
The G20 had a rocky start following the meeting between Macri and Trump on Friday morning.
"That was in my civilian days", Trump said. Turkish President Recep Tayyip Erdogan, who has been sharply critical of Saudi Arabia over the incident, is also in attendance.
The summit is also a diplomatic test for Saudi Crown Prince Mohammed bin Salman amid continuing questions about the Saudi state's possible involvement in the murder last month of journalist Jamal Khashoggi in Turkey.
Although the new pact inherits key features from the old one, Trump has declared it a victory for the USA workers he claims were cheated by NAFTA and on Friday called it the most "modern and balanced agreement in history".
The Saudi foreign ministry said the prince had meetings with his French, South Korean and Mexican counterparts. I think they want to, I think we'd like to", Trump said, adding, "There's some good signs.
British Prime Minister Theresa May said she would be robust when she talks to Prince Mohammed, urging him to hold a full and credible investigation into Khashoggi's killing.
It says Mr Macron told MBS that Europeans wanted worldwide investigators to take part in the probe on Mr Khashoggi's death and stressed "the necessity of a political solution in Yemen".