Trump says he's close to China trade deal

Trump says he's close to China trade deal

Trump says he's close to China trade deal

The United States now has a 2.5 percent tariff on imported cars and sport utility vehicles from markets outside North America and South Korea.

The South African delegation participating in the G20 Summit will use the platform to promote and strengthen the interests of the country and the African continent, the Department of International Relations and Cooperation (Dirco) said on Thursday.

Unlike the British, the USA has yet to accept that the writing is on the wall.

"As the president has repeatedly noted, China's aggressive, state-directed industrial policies are causing severe harm to USA workers and manufacturers", Lighthizer said.

China had lowered tariffs for all other countries to 15 percent, but imposed an additional 25 percent retaliatory tariff on US vehicles.

The conflict between Beijing and Washington erupted earlier this year when Trump introduced duties on metal imports from third countries, including China, prompting Beijing to retaliate by slapping its own tariffs on United States imports.

In July, the Trump administration put tariffs on $34 billion worth of imports from China; in September, the administration added a 10% tariff on the import of $200 billion in additional imports, a figure set to rise to 25% at the beginning of 2019.

The president's economic adviser Larry Kudlow, in a briefing with reporters this week, similarly sought to make the case that the US comes into the negotiations from a stronger bargaining position than China.

The USTR statement follows a pair of tweets from Donald Trump in response to General Motors' decision to close several plants and layoff thousands of workers, in which Trump implied a higher tariff on cars imported to the USA could have prevented GM from closing factories.

There had been speculation that Canadian prime minister Justin Trudeau might not attend and send his foreign minister instead if Mr Trump does not lift steel and aluminium tariffs, but a Canadian broadcaster reported late on Thursday that he would be at the ceremony. Economists and market-watchers are beginning to speculate about a serious recession on the way.

He reportedly will be in Buenos Aires from November 29 to December 1. But enough has been tweaked for Trump to declare victory on behalf of the U.S. workers he claims were cheated by NAFTA.

The White House rebuke appears to fly in the face of long-held Republican opposition to picking winners and losers in the marketplace.

Mr Macron initially tried to befriend Mr Trump despite their deep differences, but the two have increasingly clashed, most recently over wine tariffs, Mr Trump's nationalism and Mr Macron's idea of a European army. Mnuchin is urging Trump to avoid confrontation and seek compromise.

"Should there be any other aspirations, such as taking advantage of the trade spat to throttle Chinese growth, then an agreement is unlikely to be reached", the newspaper said in an editorial.

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.

It refuses to accept the rule of law and an independent judiciary.

But how far can Xi go in overhauling the model that has powered China to second place in the world economic rankings?

Trump, as his appalling record as a businessman shows, is largely ignorant of basic economics. Taxes paid to the U.S. Treasury from tariffs, however, are clearly rising.

But it also comes as Trump is pondering broader actions on cars that threaten to hit key allies in the European Union and Japan. It's now based largely on domestic consumption, not exports, as it was until about a decade ago.

That's the opposite of what Trump wants to achieve. The danger is that he ignores his intuition and is captured by the White House hardliners.

What can Crown Prince Mohammed expect?

Many American, German and Japanese automakers have plants or joint ventures in China.

Their economy already dominates much of their Asia-Pacific neighbourhood.

The trade war between the two economic giants may possibly even escalate.

China claims nearly all of the South China Sea.

A big danger for everyone, including Canada and other western middle powers, is that Trump is not up to this game and may miscalculate.

There is little reason to be optimistic about the outcome of the dinner between Xi Jinping.and Donald Trump. They will likely provide insights into the direction the world is heading.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. They do not inherently or expressly reflect the views, opinions and/or positions of iPolitics.

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