PM Lee to visit Argentina for G-20 leaders' summit

PM Lee to visit Argentina for G-20 leaders' summit

This was a first in the organisation's history, underlining the gravity and over-reaching impacts of the deepening tensions between the United States and China. The president has repeatedly stated his simple solution: Make the iPhone in the United States.

US President Donald Trump and Chinese President Xi Jinping are due to hold trade talks on the sidelines of the G20 summit in Buenos Aires on Saturday.

The Trump administration is reviewing a plan to levy fresh tariffs on imported cars, which experts say targets cars from the EU, Japan and South Korea.

G20 sources said agreement about the communique in Buenos Aires was hitting trouble on climate change.

The prospect of tariffs of 25 percent on imported autos and parts has sent shockwaves through the auto industry, with both US and foreign-brand producers lobbying against it and warning that national security tariffs on European Union and Japanese vehicles could dramatically raise the price of many vehicles.

A key item on the agenda is expected to be the incipient trade war between the USA and China.

The most recent round of hand-wringing stems from comments made by Trump himself, which seem to throw cold water on a possible breakthrough. Trump intends to raise existing tariffs from 10% to 25%, while also looking at other imports that don't now have tariffs imposed on them.

Modi will also use the meet to raise concerns of India and other nations on the volatility of global oil prices and the way bodies such as the Organization of the Petroleum Exporting Countries have increasingly cartelised oil supplies, a senior government official said. "I was thinking about it, but we haven't", Trump said, adding, "I think it's a really good time to have the meeting". Shipments to the USA accounted for 21 percent of cars manufactured in Korea and 33 percent of all exported vehicles.

Washington this week warned it might impose tariffs on its remaining $267 billion in imports from the Asian giant, including iPhones made in China.

US Trade Representative Robert Lighthizer on Wednesday slammed Beijing for failing to offer "meaningful reform" on aggressive trade policies that harm US workers and industry, and threatened tariffs on Chinese autos.

Meanwhile, the US, Canada and Mexico are expected in Buenos Aires on Friday to sign a revamped version of the North American trade pact NAFTA, which Trump excoriated when running for president.

"We are very close to doing something with China, but I don't know that I want to do it", Trump said, adding: "I like the deal we have now". First, the Trump administration's tougher approach to China - while often crude in its articulation (especially on trade) - is grounded in long-standing bipartisan concerns about Beijing's behaviour and its effect on the United States and its allies in the region. "We have an opportunity to extend that optimism, break some new ground", Kudlow said.

US President Donald Trump's trade war with China is a dominant theme at the weekend summit but one sideshow is how leaders deal with the presence of Saudi Crown Prince Mohammed bin Salman. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.

Additionally, Trump said that he expects to boost tariffs on $200 billion of Chinese products to 25 percent in January.

"The G20 today is more of a standards setting body for global economic policy in different domains, such as energy security, trade and cyber security".

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