China, US Showdown Looms On Trade At Fractious G20
Umer Jamshaid Published December 01, 2018 | 02:40 PM
The United States and China, the world's two largest economies, will see Saturday if they can find a breakthrough to exit a spiraling trade war as their presidents meet at a tense G20 summit.
Buenos Aires, (UrduPoint / Pakistan Point News - 1st Dec, 2018 ) :The United States and China, the world's two largest economies, will see Saturday if they can find a breakthrough to exit a spiraling trade war as their presidents meet at a tense G20 summit.
With markets watching nervously, US President Donald Trump has described the Buenos Aires summit of the 20 leading economic powers as a deadline for China to meet his demands or risk even further pressure.
The summit itself, with leaders from France, Russia and Saudi Arabia among those attending, has been struggling to carve out any accord on fighting climate change while hot-button disputes such as Ukraine loom large.
Trump, who has already slapped $250 billion in tariffs on China, sounded upbeat about making progress with his counterpart Xi Jinping after weeks of dire warnings.
"We're working very hard. If we could make a deal, that would be good," Trump told reporters Friday as he met Japanese Prime Minister Shinzo Abe on the first of the summit's two days.
"I think they want to, and I think we'd like to. And we'll see," Trump said.
Trump has thrown out the traditional US playbook on free trade since his shock 2016 election, vowing to protect forgotten workers and put "America First." Xi has in turn cast himself as a defender of stable global capitalism, a startling transformation for the leader of a communist state whose entry into the World Trade Organization less than two decades ago was controversial.
In a speech to fellow G20 leaders, Xi said that the major economies "should firmly uphold free trade and the rules-based multilateral trading system."But in a rhetorical olive branch to Trump, Xi pledged to do more to open up China's economy.
"China will continue to deepen market-oriented reform, protect property rights and intellectual property rights, encourage fair competition and do more to expand imports," he said.
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