Wednesday, 19 June, 2019


All eyes on Trump and Xi as G20 summit kicks off

PM Modi at Yoga for Peace event in Buenos Aires Argentina PM Modi at Yoga for Peace event in Buenos Aires Argentina
Conrad Doyle | 30 November, 2018, 09:12

A 10 percent tariff on $200 billion of those goods is due to rise to 25 percent on January 1.

Global markets are also rattled at the prospect of the impasse remaining unresolved, more so after the USA and China fell out over trade-related issues at the recent APEC summit, and, for the first time, no joint communique was released.

There are mixed signals coming out of the White House. But the Chinese say Trump's unilateral tariffs are bullying.

"I want to just mention what the president told us a short while ago and that is, in his view, there's a good possibility that a deal can be made and that he is open to that", said Lawrence Kudlow, the director of the National Economic Council.

A Reuters poll on Wednesday showed China's factories likely struggled to grow for a second straight month in November as cooling demand at home and the threat of higher USA tariffs stifled new orders. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

It also, however, sees the trade confrontation as a U.S. attempt to repress China's economic and geopolitical ambitions and protect the dominance of the USA economy and, in particular, its leadership in technology.

Trump's escalation of trade tensions with China also delivers on one of his campaign promises that continues to play well with his base.

"I happen to be a tariff person because I'm a smart person, OK?" he told the Wall Street Journal. They're ripping us left and right. "Maybe I won't even have the meeting".

"Backing off on China for some quick handshake agreement, without substantive, real, deep commitments will be seen as a victory by no one", Schumer said Wednesday.

"My key message at the G-20 will be that to enjoy the prosperity, security and connectedness we have today, we must protect the worldwide system", he said. "But we're going to make a deal with China that's going to be representative of the United States the way it used to be".

Meanwhile the US, Canada and Mexico are expected on Friday to sign a revamped version of the North American trade pact NAFTA, which Trump excoriated when running for president. Steel tariffs led to increased prices on imports of the metal, and in turn inflated domestic steel prices, according to auto suppliers and executives who testified on Capitol Hill in September. They are, of course, ultimately a tax on United States consumers and shareholders.

If Apple does get hit with tariffs, the impact may not be profound.

The most recent, and perhaps most acute, example of this is General Motors' announcement on Monday that it will close plants and ax about 14,000 jobs, having previously warned that Trump's tariffs may force it to do so.

On Thursday, however, Trump wrote on Twitter that he had chose to cancel the talks after receiving a full report on the naval incident in the Black Sea.

The Leaders' Summit comes amid escalation in the trade war between the United States and China, a naval incident between Ukraine and Russian Federation and a growing pressure on Saudi Crown Prince Mohammed bin Salman who is being suspected of ordering the killing of journalist Jamal Khashoggi.

Chinese President Xi Jinping and his wife Peng Liyuan are welcomed upon their arrival at the airport in Buenos Aires, Argentina, Nov. 29, 2018.

Wendy Cutler, a former U.S. trade negotiator now at the Asia Society institute in the United States, said the best to expect at the G20 would be a "ceasefire" as both sides agree to go back to talks.

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