Source: POLITICO'S MORNING AGRICULTURE, 11/26/18

President Donald Trump and Chinese President Xi Jinping are set to meet this week on the sidelines of the G-20 summit in Buenos Aires after months of trade tension that has shown no signs of easing. Beyond the trade standoff, the meeting could begin to shape how the two economic superpowers will share the world stage for years to come, Pro Trade's Doug Palmer and POLITICO's Andrew Restuccia report today.

The long-term interests of both nations are at stake, so a breakthrough on trade will be difficult to achieve. High-level U.S. and Chinese officials have met at least four times this year but failed to broker a solution to the dispute. That means there's a lot riding on Trump and Xi's outsized personas when they meet. U.S. officials and trade experts see both leaders as wild cards.

— "The main issue is how to settle down the trade war," a Chinese government official told reporters last week, adding that he was "conservatively optimistic" it can be done.

— Trump administration officials have tamped down expectations for a game-changing deal between Trump and Xi, Doug and Andrew report.

Domestic politics: Trump is under pressure to keep tariffs in place until China concedes to some of Washington's demands. But a long-term continuation or escalation of the dispute could slam the U.S. economy, which some economists already expect to slip into a recession before the 2020 presidential election.

Also at the G20: Canadian Prime Minister Justin Trudeau and outgoing Mexican President Enrique Peña Nieto confirmed they will sign the new North American trade pact on Friday, which is Peña Nieto's last day in office.
— No tariff resolution: The signing will proceed despite the lack of a side deal to remove Trump's steel and aluminum tariffs and Mexico and Canada's retaliatory duties.
— Canadian Finance Minister Bill Morneau said Thursday that Ottawa was "not going to make one set of negotiations contingent on the other," despite previous threats that Canada or Mexico might hold off on signing the so-called U.S.-Mexico-Canada Agreement until the tariffs were resolved.