G20 Summit 2018 in Argentina

30 November, 2018, 11:45 | Author: Sue Mclaughlin
  • Narendr Modi

The Donald Trump administration's strict stance on reaching trade parity with trading partners is expected to bring neighbours India and China closer on the global stage, senior government officials said.

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

"President Trump is right to have zeroed in on China's unfair trade practices, but a trade war with China isn't good for the world's economy over the long term, and it's not good for the USA economy either", said Delaware Sen.

The U.S. president has imposed duties on $250 billion in Chinese imports in recent months.

Additional tariffs on auto imports from China would affect any cars produced in China.

-China summit, the top USA trade official is blasting Beijing for imposing "egregious" taxes on American-made cars. "And, believe me, I'll be putting them on because China has been ripping off our country for many, many years".

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 USA tariffs stifled new orders.

Trump wants the European Union and Japan to buy more American-made vehicles.

Shortly before the summit kicks off, Trump's "America First" charge will bear fruit with the signing in Buenos Aires of a successor to the North American free trade pact NAFTA.

The EU and USA suspended potential auto tariffs in a truce announced over the summer, but that deal may not hold much longer, some observers predict.

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"It's been such a bad one-way street with China", Trump told the Wall Street Journal in an interview Monday.

Buenos Aires: As US President Donald Trump makes his flying entry into Argentina today for a G20 summit, speculations are rife that US and China will go head on with their trade war. It is their only scheduled meeting before the end of the year.

National Economic Council Director Larry Kudlow said Tuesday that the White House's reaction to the automaker's announcement was "a tremendous amount of disappointment, maybe even spilling over into anger". 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.

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". Walmart already warned of pricier products because of tariffs on Chinese imports.

The cancellation coincided with a new eruption in the controversy over Russian meddling in the 2016 U.S. presidential election - an issue that also flared up when the pair held their only summit to date, in Finland in July.

"But I think doing it in a multilateral way would have been a better approach", she said.

Trump thinks his tariffs are paid by exporters, but they are ultimately a tax on USA consumers and shareholders. Steel Dynamics, an American producer, announced this week that they would be building a new steel mill in the southwest region of the country, creating 600 new jobs.

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

Since coming to power, Xi has entirely erased from Chinese public consciousness the memory of what was called the "century of humiliation", when, from the 1840s onward, Europeans, Japanese and Americans carved up China into colonial enclaves.

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