Trump sets up stormy G20 with Putin snub

30 November, 2018, 11:44 | Author: Emmett Rice
  • PM Modi at Yoga for Peace event in Buenos Aires Argentina

In a statement Wednesday, U.S. Trade Rep. Robert Lighthizer complained that China slaps 40 percent tariffs on U.S. auto imports - more than the 15 percent tariffs it imposes on other countries and the 27.5 percent U.S. tax on Chinese auto imports.

The president's remarks come after relations between Russia and Ukraine intensified on Sunday, when Russian border guards fired upon three Ukrainian ships and captured 24 of their men as they were sailing through the Kerch Strait, near Crimea, which is the only outlet for Ukrainian vessels to the Black Sea.

The Kremlin said it had not been notified and only learned about it from the tweet.

Further, it was in recognition of India assuming leadership role on global issues of people's concerns such as climate change, renewable energy, corruption and disaster resilient infrastructure, they said.

USA and Chinese officials have been working for weeks on the contours of a possible deal for the two leaders to be announced following their dinner on Saturday on the sidelines of the Group of 20 summit in Buenos Aires and a road map for talks to follow. Trump has accused China of unfair trade practices and stealing of intellectual properties. But foreign firms in China complain that such promises are all too routine and ring hollow.

"Asian markets didn't need to be told twice that Larry Kudlow considers a trade deal between the United States and China an open possibility", Jasper Lawler, head of research at London Capital Group said on Wednesday morning.

Trump's tough talking set the stage for a contentious gathering in Argentina with the tensions over Ukraine and trade deepening fissures carved open by the United States president on climate change - an issue that almost torpedoed last year's G20 hosted by Merkel. "Maybe I won't have the meeting", he said.

Referring to the China tariffs, he said: "What we have right now is billions and billions of dollars coming into the United States in the form of taxes". At the same time, even a minor dose of tariff pain carries more significance for Apple than it would have a couple of years ago.

More news: United Kingdom economy faces hit under Brexit deal says study

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

After the financial crisis of 2008, the G20 worked on stabilising the world's economy and also looks at markets, trade and development. Currently, the trade balance hangs in favour of India.

Trump has repeatedly shown his disdain for worldwide summitry by blocking final communique at other recent gatherings such as the G7 and the Asia-Pacific bloc APEC.

He reportedly will be in Buenos Aires from November 29 to December 1. I'm open to making a deal. And in the renegotiated North American Free Trade Agreement, now called the U.S. -Mexico-Canada Agreement, countries drew up what's called a side-letter on autos to address the issue separately.

Trump on Thursday also reiterated that USA tariffs were generating tax revenues: "What we have right now is billions and billions of dollars coming into the United States in the form of taxes", he said.

"To that end, it is necessary for us to agree on how to promote this growth in trade".

"We want the G20 to be a mechanism for dialogue between the major global players", Faurie told Xinhua in the lead-up to the 13th G20 summit, which is scheduled for Friday and Saturday in Buenos Aires.

May is expected to use the G20 to sell Britain's post-Brexit trading future outside the EU.



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