G20 Summit 2018 in Argentina

30 November, 2018, 09:42 | Author: Donnie King
  • Trump's G-20 tariff talk: Why everyone is listening

In a Twitter post on Thursday, Trump said: "Billions of Dollars are pouring into the coffers of the United States of America because of the Tariffs being charged to China, and there is a long way to go".

"I think we're very close to doing something with China but I don't know that I want to do it", Trump told reporters as he left the White House to fly to the G20 summit in Buenos Aires.

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

Like Trump and Xi, Prime Minister Theresa May will arrive in Buenos Aires late on Thursday to bring another intriguing subplot to the world's pre-eminent economic forum. Tensions escalated in May when the Trump administration announced that $50 billion worth of Chinese goods would be subject to 25 percent tariffs, prompting retaliation from Beijing. This year, the USA has levied between 10 percent and 25 percent tariffs on Chinese goods - worth approximately $250 billion (€219 billion) - and China has raised its own tariffs in retaliation.

Larry Kudlow, Trump's top economic adviser, said in a G20 preview this week that "issues of intellectual property theft must be solved".

"This is not a good year for multilateralism", said a German government source about talks on a final communique that the leaders are due to issue at the end of their meeting on Saturday.

U.S. President Donald Trump has suggested the country wants to raise tariffs on all imported automobiles to 25 percent. "We hope that the USA can meet China halfway and follow the consensus reached by the two leaders at the telephone conversation to strive for positive outcomes of this summit". General Motors Co shares dropped 2.5 percent after Trump warned subsidies could be cut after the automaker said it would shutter United States plants and lay off thousands of workers.

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

"We have been ripped off badly by people coming in a stealing our wealth", he said.

Later he described what he said was the "bottom line" in the dealings with China. "But, frankly, I like the deal we have right now", the president continued.

If the objective is to restore the United States economy to what it "used to be", then it won't only be China that will be adversely affected. But the Chinese say Trump's unilateral tariffs are bullying. Many assumed that Trump was referring to the 7,500-U.S. -dollar tax breaks the US federal government grants to consumers who buy electric vehicles. From the agricultural sector to the auto industry and many others, the ramifications of increased tariffs are raising consumer costs and causing some to shutter their operations, according to Politico.

In its announcement, GM said it would effectively close five assembly and propulsion plants in the United States and Canada in 2019, a reorganization plan meant to make the company "highly agile, resilient and profitable".

Hopes of progress over tariffs in Mr Trump's expected talks with Chinese leader Xi Jinping have been dampened.

With Trump declaring that the European Union is "almost as bad as China", and that he'd impose tariffs on European cars "in about 12 minutes" if the EU doesn't agree a "fair" deal with the USA, the prospect of the trade wars flaring on other fronts and further damaging global growth is real.

Mr Morrison will join Mr Trump and other world leaders in a series of sessions on Friday and Saturday (Argentina time) dealing with such issues as anti-corruption, education, jobs, climate and energy.

Trump has also harshly criticized GM for building cars in China. "As of yet, China has not come to the table with proposals for meaningful reform".



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