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What to expect from the G20 meeting between Trump and Xi

30 November, 2018, 09:43 | Author: Ted Wilson
  • PM Modi at Yoga for Peace event in Buenos Aires Argentina

Remember that the president's saber rattling against China has included a threat to impose tariffs on all US$500 billion worth of goods the USA imports from China, and "all" would seem to include cellphones and computers, which are the top two categories of USA imports from China based on value of goods. In response to that and other trade concerns, the U.S. imposed a 10 per cent tariff on more than US$200 billion worth of goods from China-to which China responded with tariffs on US$60 billion worth of goods from the U.S. Trump has threatened to raise the tariff rate to 25 per cent by the end of the year if the two countries don't strike a new deal-their meeting in Argentina is viewed as the best chance of reaching a constructive agreement on trade and other policies that impede U.S.

There is little reason to be optimistic about the outcome of the dinner between Xi Jinping.and Donald Trump.

Trump and Xi are scheduled to meet on Saturday to discuss trade amid increasing tensions between the world's top two economies.

The United States imposed a 25 percent tariff on imported light trucks in the 1960s after France and West Germany imposed tariffs on US chicken, so it was also called the "chicken tax", and was referred to by Trump in his tweet.

Trump has been demanding that Beijing resolve a series of long-standing USA trade grievances such as accusations China steals US intellectual property and forces technology transfers by USA companies doing business in China.

Differences over Ukraine, as well as Moscow's role in the civil war in Syria, have been an irritant in US-Russian relations for years.

The U.S. and China have been engaged in escalating tariffs. US Secretary of State Mike Pompeo said he had seen no "direct" evidence linking the prince to Khashoggi's murder at a Saudi consulate in Turkey.

"There's a good possibility that we can make a deal, and he is open to it", Kudlow said.

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"We have been ripped off badly by people coming in a stealing our wealth", he said.

In a decree signed by Argentinian President Mauricio Macri, the government declared Friday a national holiday, and encouraged anyone not involved in the G20 to get out of the city for a long weekend. China appears willing to renegotiate certain aspects of policy, such as boosted IP protection and cyber security regulations, as well as increased market access to bring it into line with WTO rules.

"I think China wants to make a deal". "I'm open to making a deal, but frankly, I like the deal we have right now." the US President was quoted as saying by Efe on Thursday.

If the objective is to restore the United States economy to what it "used to be", then it won't only be China that will be adversely affected. But those efforts are often undermined by other Trump-ordered moves that are straight out of the "America first" playbook, experts and Democratic members say. They are, of course, ultimately a tax on U.S. consumers and shareholders. The new North American trade deal exempts the first 2.6 million SUVs and passenger cars built in Mexico and Canada from new tariffs.

When some economists or analysts talk about the potentially minimal impacts that tariffs might have on GDP, it is this higher government income that could offset a decline in consumption due to higher prices.

While the announcement sparked an immediate backlash from Trump - a threat to remove tax credits for GM's electric vehicles - the tariffs on imported steel and aluminium have nearly certainly been a factor in the decision. But Kudlow also said the White House has been disappointed so far in China's response to trade issues with the United States.

But the globe's largest economies have many other issues to discuss, with leaders holding their peers accountable for the world's current conflicts.

The Trump administration is divided into rival camps when it comes to China.

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