Tariff talk expected at G20 summit: ASX is set to open flat

AFP | Donald Trump arrived in Buenos Aires late Thursday for the G20 meeting and crunch trade talks with Chinese counterpart Xi Jinping

AFP | Donald Trump arrived in Buenos Aires late Thursday for the G20 meeting and crunch trade talks with Chinese counterpart Xi Jinping

Trump and Chinese Leader Xi Jinping will meet Saturday on the sidelines of a Group of 20 summit in Buenos Aires.

Tensions escalated in May when the Trump administration announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, prompting retaliation from Beijing. "This is an opportunity, with the two presidents, to break through what have been disappointing discussions", Kudlow said, according to Politico. "We can not pretend that ongoing trade tensions do not pose real threats to the global economy".

British Prime Minister Theresa May has said she will meet the crown prince and deliver a "very clear" message. The most recent round of hand-wringing stems from comments made by Trump himself, which seem to throw cold water on a possible breakthrough. A key item on the agenda is expected to be the incipient trade war between the USA and China. -China trade relations, tariffs, and the possibility of a deal.

Topping the billing is a working dinner with Chinese President Xi Jinping, when Trump will press for wholesale reform of the world's second-biggest economy in favour of access for United States companies.

"I think we're very close to doing something with China but I don't know that I want to do it", Trump told reporters as he left the White House to fly to the G20 summit in Argentina. But based on the tenor of the previous remarks, that comment seemed more geared to an eventual, hypothetical future, not a prediction pegged to the G-20 meeting.

GM did not directly comment on Trump's tweets, but reiterated that it was committed to investing in the United States. "We're creating tremendous numbers of jobs".

In the short term, USA tariffs and the trade war would increase uncertainty for Chinese investment and durables consumption, according to Goldman. Trump has said this increased revenue is a sign the U.S.is getting the result it wants from his trade war with China.

The Wall Street Journal, which conducted the interview with the president, said some Trump aides had suggested iPhones and laptops might be excluded from additional tariffs.

This weekend shapes up as a critical moment in the simmering trade conflict between the United States and China, one that could shape the paths of not just those two economies - the world's two largest - but the global economy and financial markets. 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. Pence insisted that "when it comes to Beijing's malign influence and interference in American politics and policy, we will continue to expose it, no matter the form it takes".

The president has also repeatedly said that should a deal not be reached, his administration stands ready to further escalate the USA tariffs imposed on China. A decade on, that unity has all but vanished as the "America First" Mr Trump shreds the consensus underpinning global trade and other G20 countries such as Brazil, Italy and Mexico turn to populist leaders. For one thing, China is not keen to upend its entire government-centered development strategy simply to please Trump.

Three days before a U.S.

Meanwhile, a massive security operation is under way for the summit in the Argentine capital, Buenos Aires, where a bank holiday has been declared for Friday and the city's main business district has been shut down.

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