Interview: Argentina strives for G20 to build consensus on trade, development: FM

Minnie Murray
November 30, 2018

President Donald Trump told reporters Thursday he was "close" to doing something on trade with China, CNBC reported.

The monthly goods deficit grew by $1 billion in October, according to a US Census report released Wednesday.

The objective of the meeting will be to try to find some compromise in the stand-off over Trump's imposition of 10 per cent tariffs on US$250 billion worth of Chinese imports.

And while this impact isn't massive in an absolute sense, the current run-rate for tariff-related taxes is about $200 billion per year, which would be a roughly 30% increase over the payments the Treasury had previously been receiving. More than United States dollars 50 billion of that total is subject to a 25 per cent duty. The U.S. now charges a 27.5 percent tax on imported cars from China.

Economists and critics of the president's trade policies point out duties are paid by importers and thus constitute a tax on USA industry and consumers that is not paid by China.

A Reuters poll on Wednesday showed China's factories likely struggled to grow for a second straight month in November as cooling demand at home and the threat of higher US tariffs stifled new orders.

The president has pledged to reduce America's trade deficit by pursuing new trade agreements with countries he argues are engaging in unfair trade policies, especially China.

U.S. Trade Representative Robert Lighthizer is examining all available tools to raise U.S. tariffs on Chinese vehicles to the 40 percent duties that China is now charging on U.S. -produced vehicles.

Mr. Trump noted the possible auto tariffs as a negotiating tool with the European Union in The Wall Street Journal interview.

Prime Minister Narendra Modi on Thursday arrived in Argentina's capital of Buenos Aires to attend the G-20 summit where he will discuss ways to meet the new and upcoming challenges of the coming decade with other world leaders, including US President Donald Trump.

"Based on the fact that the ships and sailors have not been returned to Ukraine from Russian Federation, I have decided it would be best for all parties concerned to cancel my previously scheduled meeting in Argentina with President Vladimir Putin", he tweeted.

On Tuesday, Larry Kudlow, director of the president's National Economic Council, echoed his boss's sentiments, saying the administration is "extremely disappointed" in discussions so far with China, another signal that an agreement isn't likely. But Trump escalated tensions earlier in the week, when he repeated a threat to put tariffs on the remaining Chinese goods if a deal can't be reached.

He did vow on Wednesday that China would boost protection of intellectual property. But the Chinese say Trump's unilateral tariffs are bullying.

He also said while addressing the gathering that 'Yoga helps us acquire better mental and physical health.' It also gives peace and strength to our body and mind.

In a signed article published in the Financial Times, Assistant Foreign Minister Zhang Jun reaffirmed China's conviction in upholding free trade and sharing common prosperity with the world, urging efforts to "oppose protectionism in all its forms. safeguard the rules-based multilateral trading system", and let the benefit of trade be "more broadly shared". "So I think you're seeing both the interpersonal one-on-one dynamic, but then there is that multilateral framework". "And they don't rip us off with me".

GM's decision to close down major elements of its auto-making plants in the US and Canada confirm that Trump's pledge to bring back traditional manufacturing jobs was vacuous nonsense.

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