The most important event at the G-20 summit this weekend will be a dinner between presidents Xi Jinping and Donald Trump — a meeting that could de-escalate trade tensions between the world's two biggest economies and prevent the spat from further damaging global growth prospects.

But many observers are pessimistic. There's been little sign that the two sides will reach an agreement on key issues like China's trade surplus with the U.S., its alleged intellectual property theft and forced technology transfers from U.S. companies, and an industrial upgrading plan called Made in China 2025.

Trump told the Wall Street Journal on Monday that it is “highly unlikely” he will postpone tariff hikes. If no deal is reached, he will impose tariffs on the remaining $267 billion of annual U.S. trade with China, he said.

Other G-20 developments could include a plan by China to make reform of the WTO more inclusive of the developing world, after a Trump adviser suggested Beijing be thrown out of the body.

Perhaps more than anything, the gathering will be a test of multilateralism, after the recent APEC summit ended in an unusual failure to agree on a communique.

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