ibusinesslines.com December 16, 2018

G-20 leaders arrive in Argentina for weekend summit

30 November 2018, 09:08 | Kelvin Horton

PM Modi at Yoga for Peace event in Buenos Aires Argentina

PM Modi at Yoga for Peace event in Buenos Aires Argentina

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.

America's competitiveness would be enhanced if China agrees to ease joint-venture requirements (which result in forced transfers of technology and other know-how), combat intellectual property theft more forcefully, and look for ways to reduce its large bilateral surplus with the U.S. Such an understanding would also lower the risk of China being tempted to use its huge holdings of Treasuries and other U.S. assets to disrupt the American financial system in a global trade war.

There are mixed signals coming out of the White House.

"The Trump administration's view of multilateralism and of these sorts of institutions ... from the start has been a very skeptical view", he said. "I am open to making a deal but frankly I like the deal that we have right now", the president said.

Asked if China was seeking to prevent more United States tariffs at the high-stakes meeting, the ministry's spokesman, Gao Feng, said economic teams from both sides were in contact to implement a "consensus" reached by Mr Trump and Mr Xi in a phone call this month. Two days after GM's announcement, the U.S. Trade Representative Robert Lighthizer released a statement saying he would "examine all available tools to equalize the tariffs applied to automobiles" between the U.S. and China at the president's direction. That's changing thanks to Trump's tariffs, with Chinese importers looking elsewhere for a plentiful supply.

For many agricultural goods, particularly soybeans, China is the largest export market for USA farmers.

The Donald Trump administration's strict stance on reaching trade parity with trading partners is expected to bring neighbours India and China closer on the global stage, senior government officials said.

"It's been such a awful one-way street with China", Trump told the Wall Street Journal in an interview Monday. They're ripping us left and right.

Later he described what he said was the "bottom line" in the dealings with China.

"We are in a position to deal with it and handle it very well", he said. DW examines the best quotes uttered by the United States president concerning the People's Republic of China.

Trump has yanked the United States out of the Paris pact, and his opposition to collective action stands in defiance of scientists' increasingly urgent warnings that the planetary threat needs policy redress now. They are, of course, ultimately a tax on U.S. consumers and shareholders. China has responded with its own tariffs. This week General Motors announced it would close five of its North American plants, costing of almost 15,000 jobs. A final decision on the proposed arrangement would reportedly not be decided until then.

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.

The president's economic adviser Larry Kudlow, in a briefing with reporters this week, similarly sought to make the case that the US comes into the negotiations from a stronger bargaining position than China.

But foreign firms in China complain that such promises are all too routine, and analysts doubt that Trump and Xi's talks over a working dinner will serve up much beyond a commitment to negotiate further.

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