Trump auto tariff threats may hit U.S. consumers' pockets

01 December, 2018, 18:51 | Author: Emmett Rice
  • Saudi prince in Argentina as G20 summit tensions brew

While Trump cancelled his meeting with Putin, the US president was still scheduled to meet with China's Xi, but analysts were not optimistic about prospects for a major breakthrough on their countries' trade disputes a month before USA tariffs on Chinese goods are set to ramp up.

US President Donald Trump and Chinese President Xi Jinping will wrap up a global summit on Saturday with high-stakes talks expected to determine whether they can begin defusing a damaging trade war between the world's two biggest economies.

After imposing punishing tariffs on Chinese goods and threatening more to come in January, Trump also has China in his sights as he prepares to meet President Xi Jinping on the G20 margins. "We'll see what happens".

Leaders from the Group of 20 nations have arrived in Argentina to discuss ways to maintain global economic growth.

One of the main themes this year is trade and the global economy.

Commenting on a breakfast meeting between President Donald Trump and his Argentine counterpart and summit host Mauricio Macri, Ms. Sanders noted the two had "reiterated their shared commitment" to address "predatory Chinese economic activity", the Associated Press reported.

The dinner scheduled for Saturday evening has been cast as a key encounter that could help the two leaders ease the trade tensions, or it could end in stalemate.

The leaders received a grand and warm welcome upon arrival in Buenos Aires.

"I believe that we have different steps that we should take together on Idlib", Erdoğan told journalists, after stressing that he discussed "vital issues" with Putin. "But, frankly, I like the deal we have right now". I think they want to. I think we'd like to.

The official said the us delegation also held up discussion of how to manage refugees and migrants, but that the final statement is expected to mention the need to manage migration on a global level.

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But a day before the three neighbors were due to formalize the agreement on Friday, negotiators were still thrashing out what exactly they will be putting their names to, officials said on Thursday.

With an attitude suggesting the stronger hand in negotiations, Trump stated that with "billions and billions of dollars coming into the United States in the form of tariffs" already imposed on Chinese imports, that he was quite happy with the current trade arrangement.

"We're going to be talking about lots of good things for Argentina and for the United States, including trade, including military purchases and other things", Trump said, adding that the conversation would be "a little bit old times, about 95 percent business".

China now imposes a 40 percent tariff on U.S. automobiles, while the United States has a 27.5 percent tariff on Chinese vehicles.

The chicken tax is so named because it is a vestige of a half-century-old tranche of tariffs that were created to retaliate against France and West Germany for their tariffs on USA poultry.

Xi and other leaders from the so-called BRICS group of leading emerging economies - Brazil, Russia, India, China and South Africa - issued a statement calling for a continued commitment to open global trade and support of a multilateral trading system via a strengthening of the World Trade Organization (WTO).

Trump cited Russia's seizure of the ships as the reason he canceled a planned bilateral meeting with Russian President Vladimir Putin, where they had been expected to discuss the US leader's threat to withdraw from the Cold War-era Intermediate-Range Nuclear Forces treaty.

The presence of Crown Prince Mohammed bin Salman at the summit also raised an awkward dilemma for leaders.

Prince Mohammed arrived under swirling controversy over the murder of Saudi journalist Jamal Khashoggi in the Saudi consulate in Istanbul on October 2.

" The French presidency said that Macron spoke to the prince about the killing of Khashoggi and the Saudi-led offensive in Yemen, where millions are on the brink of starvation in what the United Nations calls the world's worst humanitarian crisis".


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    The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago. Kudlow added that if the USA doesn't get "satisfactory" responses to its trade positions more tariffs will be imposed.
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