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Donald Trump Heads for G20 Summit, Keen on Trade Talks With China

Donald Trump Heads for G20 Summit, Keen on Trade Talks With China

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Presidents Donald Trump and Xi Jinping are expected to address what the US calls China's theft of American technology and IP when they meet Saturday evening at the two-day G20 summit in Buenos Aires.

How intense is the trade war?

The highly anticipated dinner between the two leaders, set for Saturday, will occur on the sidelines of the G-20 summit in Argentina.

Given that Trump doesn't appear to understand the issues, and China isn't going to surrender its aspirations, there is little reason to be optimistic about the outcome of the Trump dinner with Xi Jinping.

He expects China to offer a guarantee that they will import a certain level of US exports per year. Under the administration of President Donald Trump, Washington has taken a harder line towards Beijing, especially on trade, and has insisted that the pressure will not relent until China comes to the table with a deal that addresses long-running concerns. Trump has threatened to impose tariffs on all Chinese imports if he and Xi fail to strike a trade deal during the meeting.

Chinese auto exports to the United States are relatively small.

The president has already imposed 10 percent tariffs on $200 billion of Chinese goods this September, and they're set to rise to 25 percent on January 1.

These include, the USA alleges, hacking into US firms' computer networks to steal trade secrets and demanding that American and other foreign companies hand over technology in exchange for access to the Chinese market.

"I will tell you that I think China wants to make a deal", he continued.

The USTR statement follows a pair of tweets from Donald Trump in response to General Motors' decision to close several plants and layoff thousands of workers, in which Trump implied a higher tariff on cars imported to the USA could have prevented GM from closing factories.




Meanwhile, Scott Morrison has flagged he could meet with Donald Trump at the G20 summit in Argentina, despite not being included on the U.S. president's formal program.

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. "Asian stocks powered higher as risk-on dominated".

The U.S. president has imposed duties on $250 billion in Chinese imports in recent months.

Roughly an hour earlier, he had told reporters he would probably meet with Putin at the summit and said it was "a very good time to have the meeting".

"As the President has repeatedly noted, China's aggressive, State-directed industrial policies are causing severe harm to U.S. workers and manufacturers", Lighthizer said.

Morrison has been previously sympathetic to the US tactics, saying at the recent ASEAN summit in Singapore that he supported the aim of what Trump was trying to achieve - fair and free trade - and therefore did not necessarily regard the tariffs as protectionism per se. He offered no concrete evidence of that.

Eight months on from the opening salvos of President Donald Trump's trade war, and the real world impacts are starting to be felt across the globe.

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the USA are all represented.

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.

A White House official said that Trump sees a "good possibility" for a deal to defuse the trade frictions, as Washington demands greater market access and protections for intellectual property by Beijing.

But he has also shown himself very aware of the immediately positive effects any indication of an improved mood with Beijing can have on USA financial markets and his ratings for handling of the economy at a time when he is under fire on other domestic fronts.


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