Trump sets up stormy G20 with Putin snub

US calls China’s tariffs on American autos ‘egregious’ | Idaho Statesman

Economists and critics of the president's trade policies point out duties are paid by importers and thus constitute a tax on US industry and consumers that is not paid by China.

The eyes of the global currency market will be on Saturday's meeting between U.S. President Donald Trump and Chinese leader Xi Jinping, with some analysts seeing even a modicum of progress toward easing trade tensions as enough to sink the dollar. It cited tensions over Chinese technological development, a focus of USA concern.

The prime minister said the participants would deliberate on the situation of the global economy and trade, worldwide financial and tax systems, the future of work, women empowerment, infrastructure and sustainable development.

The two sides have also been eyeing a possible mid-December trip to Washington by Liu He, Xi's top economic adviser, according to two people familiar with the discussions.

Mr Lee said that Singapore and Buenos Aires would benefit from more exchanges of ideas on areas of mutual interest, and invited Mayor Larreta to visit Singapore to learn more about Singapore's policies in security, urban development, and Smart Nation programmes, according to a statement from the Prime Minister's Office (PMO) on Thursday.

Several automakers said privately on Wednesday they feared GM's action could prompt Trump to take action faster than expected on new tariffs.

In Trump's mind, then, the trade war is a no-lose proposition for the United States: either China gives in and Washington gets a "great deal", or tariffs continue and the United States benefits from the extra revenue and adds new jobs.

The US stockmarket shivered and fell when the Trump interview was published but recovered some ground on Tuesday after National Economic Council director, Larry Kudlow, while expressing some scepticism that the meeting would produce an agreement, said Trump remained open to a breakthrough and believed a deal could be made.

The duties make it more expensive for USA importers to buy those items, but Americans bought more goods from overseas in October than they did the month before.

US calls China’s tariffs on American autos ‘egregious’ | Idaho Statesman

Trump didn't elaborate further.

China's commerce ministry said on Thursday it was hoping for "positive results". On the other are pragmatists led by White House chief economist Larry Kudlow and Treasury Secretary Steven Mnuchin, concerned about the harm deepening friction could do to the USA economy and markets. Manufacturers of cars, washing machines and clothing would have good reason to be furious at the White House and Apple if the iPhone maker managed to avoid tariffs while they did not.

"I have another 250 billion dollars' worth of tariffs to put on if we don't make a deal", Trump told reporters last week.

U.S. Trade Representative Robert Lighthizer said Wednesday the country will consider raising tariffs on Chinese automobiles to 40 percent from the current 27.5 percent, ahead of a U.S. "Otherwise, lets just make our Country richer than ever before!"

But one noted China expert hopes there is no temporary pause or for that matter any deal.

A Chinese response to USA demands sent earlier this month amounted to a rehash of previous commitments and pledges that Xi had made in recent speeches, according to people familiar with the discussions.

The White House confirmed Trump will sit down with President Vladimir Putin for their first face-to-face meeting since a July summit in Finland, when he astonished observers by praising the Russian leader.

New talks would focus on what both sides are calling trade "architecture", a broad term that could encompass many issues the USA has wanted Beijing to address, including intellectual property protection, coerced technology transfer, subsidies to state-owned enterprises, and even non-trade issues such as cyberespionage.

"What will aid [Mr Xi] is news that the U.S. trade deficit is at a record high and the fact that China is a major investor in U.S. government Treasury Bonds".



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