US, China Exploring Deal to Delay More Tariffs, Start Talks

Narendr Modi

Trump has also foreshadowed imposing tariffs on the remaining US$267 billion of China's exports to the US.

Morrison has so far failed to get a meeting with U.S. President Donald Trump and Chinese President Xi Jinping.

The Kremlin said it had not been notified and only learned about it from the tweet. "That's in the interests not only of our two countries, it's in the interests of the whole world", Kremlin spokesman Dmitry Peskov said in Moscow.

En route to Argentina, Xi vowed on Wednesday that China would "make a lot of efforts to speed up market access, improve the investment environment and increase protection of intellectual property". But foreign firms in China complain that such promises are all too routine and ring hollow.

China, while it has imposed retaliatory tariffs of its own on more than US$100b of USA imports, has made some concessions by opening segments of its economy to greater foreign investment and promising wider liberalisation.

G20 sources said climate change was emerging as the biggest stumbling block to agreement on a joint communique in Buenos Aires when the summit concludes on Saturday.

"If we do not show concrete progress, our global meetings become useless and even counterproductive", he said.

"I will highlight the need for reformed multilateralism which reflects the contemporary realities and can effectively strengthen collective action for global good", he said.

If President Trump's proposed tariff's on China were to pass, iPhones could end up being much more expensive for Americans to buy.

The weekend summit is confronted with increasingly dire warnings, by the International Monetary Fund among others, of the potential harm faced by the world economy from Trump's trade wars.




G20 leaders, whose countries account for four-fifths of the world's economic output, according to AFP, first met in November 2008 to forge a united front against the global financial crisis.

"The G-20 members, accounting for 86 per cent of global GDP and 80 per cent of aggregate trade volume, should continue to expand worldwide economic cooperation and improve macro policy coordination", said Mr Ruan Zongze, executive vice-president of the China Institute of worldwide Studies.

France fears that Mr Trump will block or eclipse any progress at the G20.

PM Modi has said this while addressing the event "Yoga for Peace" in the Buenos Aires on Thursday.

When President Donald Trump travels overseas, he increasingly likes to keep it quick.

In last year's G20 summit in Germany, discussions were held on sustainable development and volatility in global currency markets at length. But so far, the deal-making talents he and his aides so often tout have not broken impasses on trade with China and the European Union, nor have they thawed relations with Russian Federation or convinced Putin to play nicer with his neighbors. 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.

After heaping huge tariffs on Chinese goods, and threatening more to come in January, Trump said a ceasefire in the trade war was "very close" - but cast doubt on whether he even wanted one.

As WTO members, G-20 economies have the ability and responsibility to discuss problems in global trade and find solutions, Mr Zhang Yuyan said.

Trump was coy about whether he wanted a deal with China as he left the White House on Thursday to fly to the G20 Summit in Argentina.

In the here and now, May will use the G20 to sell Britain's post-Brexit trading future outside the EU. It must be noted that May still has to win backing for the deal from the fractious British parliament.

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