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The government is already working on the list of goods that would be banned.
Obama discussed $33 billion in public and private commitments to help develop the "new Africa that's emerging".
At least 1129 people have been killed and 3442 others wounded in the Ukraine crisis, says new UN figures.
New Delhi has said developed nations were unwilling to engage on the issue of food security.
More than 10,000 recruits, police and volunteers are racing to find survivors of the 6.5-magnitude earthquake.
Even as the US and EU try to isolate Russia, Beijing and other BRICS capitals have been cementing their business ties with Moscow.
An uncertain economic outlook weighed on overall confidence, said the new HSBC report.
But government efforts to stabilize the real currency appear to be working, albeit slowly.
The renewal of the Africa Growth and Opportunity Act (AGOA) is expected to be the top focus at the Summit.
Beijing's Foreign Minister also called for enhancing trade, security and military ties with Cairo.
