Trump sets up stormy G20 with Putin snub

30 November, 2018, 07:40 | Author: Brooke Harris
  • PM Modi at Yoga for Peace event in Buenos Aires Argentina

Beijing has criticised Washington's aggressive trade policy for its "harmful consequences" and has implemented reciprocal measures on more than $60 billion in U.S. imports.

No less a figure than Larry Kudlow, the director of the White House's National Economic Council, emphasized the importance of the discussions on November 27. However, according to the past protocols of Xi's diplomatic summit meetings, the president could bring his chief of staff, Ding Xuexiang; his top diplomat, Yang Jiechi; foreign minister Wang Yi; and commerce minister Zhong Shan, in addition to Liu He, the vice-premier in charge of trade talks with the US.

It doesn't help that neither Trump nor his trade or economic advisers are prepared to acknowledge (if, indeed, they recognise it) that a trade conflict harms the USA along with those it targets, or that a country that issues the world's reserve currency is inevitably going to run structural current account deficits. Just $5 a month.

Only days before the summit in Argentina, President Trump said current tariff levels on $200bn (£157bn) of Chinese imports would rise as planned.

Add to that the fact that American labor and production facilities are more costly than they are in China, and the price of the iPhone likely jumps beyond what experts assume it may be if a tariff is put in place.

The U.S.is poised to increase tariffs on a range of Chinese goods from 10 percent to 25 percent on January 1, and Beijing likely to retaliate. According to Allen, President Trump will most likely announce a "deal" with Xi that keeps open the possibility of additional talks, promises additional purchase of USA goods but ultimately doesn't force any immediate changes. "We're creating tremendous numbers of jobs".

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But, at the same time, he cautioned the USA was prepared to forge ahead with the new tariffs in the belief China would fold first.

In the past 20 years China has grown rapidly to become arguably Washington's biggest security rival, with defence spending that now far outstrips former Cold War rival Russian Federation. Pence, who stood in for Trump at the meetings, mirrored Washington's labelling of Beijing as a "strategic competitor" in key national security documents such as the National Security Strategy and National Defense Strategy.

"I will tell you that I think China wants to make a deal", he continued. "Our security measures will be very strong and the decisions that we will make if there is violence will be immediate".

SHANGHAI-China and the United States can reach a trade agreement at the G20 meeting in Argentina this week, the state-run China Daily newspaper said in an editorial on Friday, but Washington must be "fair minded" if it wants to defuse spiralling tensions. "I think [that] has made it harder ... to get progress in these forums. And if it's not made, we will be taking in billions and billions of dollars".

As President Donald Trump prepares to sit down with China's President Xi this weekend, Trump said Thursday that the administration is "very close" to reaching a deal to end the trade showdown between the two major economies even as he also sought to downplay the importance of making such a deal. First, the Trump administration's tougher approach to China - while often crude in its articulation (especially on trade) - is grounded in long-standing bipartisan concerns about Beijing's behaviour and its effect on the United States and its allies in the region.

Perhaps one of the most striking consequences of the trade war is what is happening to some farmers in the US.

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