The Research Team at Bank of America Merrill Lynch (BAML) offers their expectations from the much-awaited G20 meeting between the US President Trump and his Chinese counterpart Xi.

• The best we can hope for is a truce, not a deal.

• A likely ceasefire, delays in tariffs agreed to on both sides.

• Given the scope of disagreement between the two side, a major deal is unlikely.

• A truce is at least a positive but will soon evolve into worry unless sides move towards a deal.