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Trump's trade war: Stakes are high at G20 summit

30 Novembre 2018

Prime Minister Scott Morrison has secured a meeting with US President Donald Trump at the G20 summit. It put a 10% tax on goods ranging from luggage to bikes and baseball gloves. This will be the final meeting of BRICS Leaders chaired by South Africa before Brazil assumes the Presidency on 1 January 2019.

On the trade war front, White House economic advisor Larry Kudlow said on Tuesday trade talks between the USA and China have been heating up ahead of the summit.

American officials are reportedly focusing on the cybersecurity risks of the Chinese telecom.

"The reason that the small truck business in the United States is such a go to favourite is that, for many years, Tariffs of 25% have been put on small trucks coming into our country", Trump tweeted Wednesday. He also suggested that if talks were unproductive, he would implement tariffs on even more Chinese goods. "Obviously other issues like trade, climate change, worldwide financial architecture, all these issues have come up for discussion", he said, requesting anonymity.

Mr Morrison said it would be an "own goal" if the trade tensions continued.

That's the opposite of what Trump wants to achieve.

Mixed signals from US President Donald Trump about the US-China trade dispute kept investors on edge. He told The Wall Street Journal it was "highly unlikely" he would refrain from lifting the levy rates to 25 percent.

"In the face of the G20 leaders" meeting taking place in Buenos Aires, we set up workshops, debate forums, artistic interventions and other activities, to repudiate the policies of misery and deaths that the G20 and FMI promote", said Liliana Daunes, member of "Summit of the Peoples'. It is their only scheduled meeting before the end of the year.

The White House economic adviser did not comment on whether China had made offers of concessions, further feeling suspicions of a trade stand-off between the pair. If no deal is reached during that meeting, he intends to impose tariffs of 10% to 20% on all remaining imported goods from China.

En route to Argentina, Xi said in Spain on Wednesday that his government would indeed boost protection of intellectual property, although foreign companies in China complain they have heard such promises before.

Instead, Lighthizer's statement escalated the dispute further, saying: "China's aggressive, state-directed industrial policies are causing severe harm to U.S. workers and manufacturers". Some manufacturers and retailers say the duties could lead to job losses and higher prices for consumers.

In an unprecedented policy speech last month at the Hudson Institute, Pence had outlined a laundry list of U.S. concerns on China - from unfair trade practices and foreign interference to its regional aggressiveness in the East and South China Seas.

"I would be very surprised if Trump and Putin don't meet, at least informally", Bremmer, president and founder of Eurasia Group, said on "The Daily Briefing" Thursday.

President Trump has raised the prospect of slapping a 25 percent tariff on imported cars in response to General Motors Co.'s announcement of plant closures this week in a move that would hit key allies such as the European Union and Japan hardest.

"We need them to agree a constructive way forward on global trade".

Trump's trade war: Stakes are high at G20 summit