White House economic adviser Larry Kudlow on Wednesday downplayed hopes for any breakthrough in trade talks between the U.S. and China and when President Trump meets with Chinese President Xi Jinping next month in Argentina at the next meeting of G-20 nations. Kudlow also disputed prior reports that the meeting would determine whether Trump imposes additional tariffs on China.

"Nothing is set in stone right now," Kudlow said on CNBC, saying that the meeting between the leaders was only tentatively planned. "It is possible some good positive things could — I say could — come out of President Trump-President Xi talks. It's possible."

He added that the decision regarding tariffs was based on economic and policy considerations, "not an arbitrary timeline."

A news reports Monday by Bloomberg, citing anonymous sources, said that tariffs covering as much as $257 billion worth of Chinese goods could be announced next month if the meeting does not go well. The U.S. has already hit $250 billion worth of Chinese goods with tariffs ranging from 10 to 25 percent. Placing the total covered with tariffs at a a half-trillion would cover all imports to the U.S.

Asked about the reports Monday, White House spokeswoman Sarah Sanders replied, "I won't get ahead of the president's meeting and I hope it goes well."