US seeks trade war truce with China

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

The statement comes before a dinner meeting Saturday in Buenos Aires, Argentina, between President Donald Trump and his Chinese counterpart, Xi Jinping. A Honda executive at the September hearing testified tariffs are hurting the entire auto supply chain, calling the business environment in the USA "unsettling". The negotiations are "very, very hard", the official told Reuters.

The rising tensions have seen the two countries hit each other with tit-for-tariffs on goods worth hundreds of billions of dollars in sectors from automobiles to agriculture and energy, stymying trade and redrawing global supply chains.

Trade tensions between the USA and China, concern over the murder of Saudi journalist Jamal Khashoggi and calls to put climate action back on track form the background of the G20 summit in the Argentinian capital.

As leader of a country ravaged by two world wars, he feels strongly about preventing a new one, and has warned that current battles over trade sound dangerously like those of the 1930s.

In last year's G20 summit in Germany, discussions were held on sustainable development and volatility in global currency markets at length.

"I really don't know, but I will tell you that I think China wants to make a deal", he continued. Pence, who stood in for Trump at the meetings, mirrored Washington's labelling of Beijing as a "strategic competitor" in key national security documents such as the National Security Strategy and National Defense Strategy. Wall Street edged lower on Thursday amid jitters over Trump's meeting with Xi.

China and the United States have been embroiled in a trade dispute since Trump unveiled new steel and aluminum import duties in March.

"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.

The U.S. Trade Representative "has been teeing up protection (probably export restraints) for over a year, as shown by the side letters exchanged in the USMCA process", Mary Lovely of the Peterson Institute for International Economics told CBS MoneyWatch in an e-mail.

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The United States imposed a 25 percent tariff on imported light trucks in the 1960s after France and West Germany imposed tariffs on US chicken, so it was also called the "chicken tax", and was referred to by Trump in his tweet.

The Trump administration has threatened to slap heavy tariffs on imported cars and auto parts. There will be one-on-one meetings with allies such as Japanese Prime Minister Shinzo Abe and South Korean President Moon Jae-in as Trump looks to build a unified front against North Korea. He reportedly will be in Buenos Aires from November 29 to December 1.

Apart from those previously agreed meetings, Putin may have brief informal contacts with other leaders whom he would meet during the summit's official events.

Said Mr Trump: "Based on the fact that the ships and sailors have not been returned to Ukraine from Russian Federation, I have decided it would be best for all parties concerned to cancel my previously scheduled meeting in Argentina with President Vladimir Putin".

The de facto Saudi ruler stepped onto Argentine soil bidding to shrug off global outrage over the murder last month of journalist Jamal Khashoggi.

Worldwide indignation over Khashoggi's murder, which was carried out inside Saudi Arabia's consulate in Istanbul on 2 October, continued on Thursday as Canada slapped sanctions on 17 Saudi nationals allegedly linked to his murder.

Modi will also meet UN Secretary General Antonio Guterres, Argentinian President Mauricio Macri, Chilean President Sebastian Pinera, along with the prime ministers of Spain, Jamaica, the Netherlands and the president of the European Union and the European Council. Streets and shops were noticeably emptier. Major protests are also due on Friday.

The views expressed in this article are the author's own and do not necessarily reflect Al Jazeera's editorial stance. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. This article is strictly for informational purposes only.

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