The United States and China, the world's two largest economies, will see Saturday if they can find a breakthrough to exit a spiraling trade war as their presidents meet at a tense G20 summit.

China, US showdown looms on trade at fractious G20

Wall Street rose on Friday as investors hoped for progress on trade in a critical US-China meeting over the weekend, and the S&P 500 and the Nasdaq posted their biggest weekly percentage gains in nearly seven years.

Wall Street rises on trade hopes; S&P, Nasdaq post best weeks in seven years

Bannon also was dismissive of Trump's vow to bring down 'fire and fury' on North Korea if it continued to threaten the United States with missiles and nuclear weapons

US in economic war with China: Trump strategist Steve Bannon

Comes as Japan and the US worry that Beijing is pushing territorial claims in the neighbouring South China Sea

Obama meets 'dangerous separatist' Dalai Lama despite warning from China