Washington (CNN) White House economic adviser Larry Kudlow on Tuesday dangled the possibility of a "breakthrough" between President Donald Trump and his Chinese counterpart on trade at their upcoming Argentina meeting -- but again said China has to blink first.

Trump and Chinese President Xi Jinping are set to meet Saturday evening for a formal dinner on the sidelines of the G20 meeting in Buenos Aires, their only scheduled meeting before January 1, when tariffs imposed by Trump on more than $200 billion in imports are set to jump to 25%.

Kudlow said the dinner could afford the two sides a chance to "turn a new page" in their bilateral economic relationship if Xi can "step up" and present a few new ideas to the United States.

"President Xi has an opportunity to change the tone and the substance of these talks," said Kudlow. "This is a big opportunity. President Trump has indicated he's open. Now we have to know if President Xi is open."

Kudlow added that while there would be "interactions" between the two countries during the G20, any deal will be ironed out between the two leaders in real time.

Read More