Interview: Argentina strives for G20 to build consensus on trade, development: FM
- Author: Zachary Reyes Nov 30, 2018,
Nov 30, 2018, 8:07
Hopes that the meeting could open the way for a deal over trade between the two countries have been undermined by recent threats by the USA president.
What is likely to come out of the meeting?
On the back of Republican losses in the recent USA midterm elections, President Donald Trump appeared to be upping his aggressive stance regarding trade talks ahead of the two-day Group of Twenty summit in Argentina, which got under way on Friday.
But Allen doubts there will be any detailed settlement negotiated to end the trade dispute writing, "We still expect the best possible result this weekend will be a temporary pause in tariffs, including the remaining $267 billion in Chinese imports..."
Perhaps most concerning for China, Trump seems to be of the opinion that the current tariffs are cost-free for the United States. "The concept of global warming was created by and for the Chinese in order to make United States manufacturing non-competitive", Trump said. Thousands of police and security agents will guard Group of 20 industrialized nations' world leaders during the two-day summit that starts Friday.
Wall Street extended early losses following Trump's remarks, with the Dow Jones Industrial Average 0.6 percent lower shortly after 1600 GMT.
But foreign firms in China complain that such promises are all too routine, and analysts doubt that Trump and Xi's dinner will serve up much beyond a commitment to negotiate further. Earlier this month, US Vice President Mike Pence was in Singapore to attend the East Asia Summit and in Papua New Guinea for the Asia Pacific Economic Cooperation (APEC) Leaders' summit.
"We want the G20 to be a mechanism for dialogue between the major global players", Faurie told Xinhua in the lead-up to the 13th G20 summit, which is scheduled for Friday and Saturday in Buenos Aires.
He has also said that he thinks the US and China will reach an amicable trade agreement.
And a G7 summit in Canada in June ended in disarray as Trump retracted his endorsement of the joint statement.
Economic advisor Larry Kudlow told a White House press conference that "the president said there is a good possibility that we can make a deal and he is open to it".
In Buenos Aires, which hosts the first G20 meeting to be held in South America, more than 20,000 police have been deployed to maintain order.
Xi said he was "very happy" to talk to Trump again.
"And, believe me, I'll be putting them on because China has been ripping off our country for many, many years".
For many agricultural goods, particularly soybeans, China is the largest export market for United States farmers. In 2011, Trump claimed "China is raping this country" during a tour of a defense manufacturer in New Hampshire, local media reported.
These include, the USA alleges, hacking into US firms' computer networks to steal trade secrets and demanding that American and other foreign companies hand over technology in exchange for access to the Chinese market.
Given that Trump doesn't appear to understand the issues, and China isn't going to surrender its aspirations, there is little reason to be optimistic about the outcome of the Trump dinner with Xi Jinping.
Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the USA and China.
The right-wing leader, who has championed a greater Hindu identity in officially secular India, has made yoga a diplomatic priority since taking office in 2014.