Home » Money

MBS welcomed at G-20; Trump under fire

01 December, 2018, 14:41 | Author: Sara Gill
  • A prolonged trade war for US and China could have significant repercussions for the global economy

The two-day annual gathering will be a major test for the Group of 20 industrialized nations, whose leaders first met in 2008 to help rescue the global economy from the worst financial crisis in seven decades.

The two-day summit beginning today is supposed to focus on development, infrastructure and food security, but those seemed largely an afterthought amid soured US-European relations and as the United States, Mexico and Canada hammered out the final language of a replacement for the North American Free Trade Agreement expected to be signed today.

About 22,000 police officers and other security forces are guarding the leaders during the summit.

En route to Argentina, Xi said in Spain on Wednesday that his government would indeed boost protection of intellectual property, although foreign companies in China complain they have heard such promises before.

In addition to the 10 percent tariffs already targeting US$250 billion worth of Chinese imports, the Trump administration is poised to increase the tariff rate from 10 percent to 25 percent on January 1 if "China fails to address USA demands".

US stocks closed higher on Friday on hopes that a deal could be reached.

They paraded with signs attacking Trump and the International Monetary Fund, whose largesse is keeping Argentina afloat at the cost of hard-hitting austerity measures.

He said China wanted to make a deal but he wasn't sure that he did. "Great family. And you're doing a fantastic job, and I want to congratulate you", he added. "I like the deal we have now". For example, a draft says 19 of the participants agree on the importance of upholding the Paris climate accord, but the USA doesn't.

In talks earlier this month setting the stage for the Xi-Trump meeting, a top Chinese foreign policy adviser had sharp words for the US side over Washington's increased support for the island, which China claims as its own territory.

On the eve of the summit, G20 nations were still trying to reach consensus on wording for the summit's communique on major issues including trade, migration and climate change, which in past years have been worked out well in advance.

A major issue that is hanging over the summit is the continued trade war between the U.S. and China.


"Not just in various strategic co-operation but economically, and the people-to-people relationships, well, there's none better", he said.

Describing Trump and Macri's closed-door meeting, White House press secretary Sarah Huckabee Sanders claimed that "the two leaders reiterated their shared commitment to face regional challenges such as Venezuela and China's predatory economic activity".

The leaders of the G20 countries, who will have to make hard discussions about the rules of global trade over the next two days, have been generously greeted with authentic Argentine souvenirs and local treats upon their arrival to Buenos Aires, the summit's organizers said.

Trump cited the recent incident between the Ukrainian Navy and the Russian Coast Guard as the reason, while Moscow doubted his true motives.

He nevertheless described the Macri-Trump meeting as "extremely cordial" overall.

Laura Jaitman, the Argentine Treasury official shepherding the G-20's financing talks, said leaders have made progress on finance and trade and was hopeful a joint statement would be possible.

It's in these sessions that he's most likely to run across Saudi Crown Prince Mohammed bin Salman, who most of the world has castigated after the murder of journalist Jamal Khashoggi.

US intelligence agencies have concluded that the 33-year-old crown prince ordered the killing of Jamal Khashoggi, a USA -based Washington Post columnist and critic of Saudi Arabia's establishment, at the Saudi Consulate in Istanbul on October 2.

Human Rights Watch is also waiting for the crown prince, having urged Argentine prosecutors to charge him with war crimes over the Saudi-led military coalition's action in Yemen.

While Beijing has offered to purchase more US products to narrow the massive trade deficit, Trump's administration rejected that outright.

Recommended:



Popular

We're not concerned about being liked - Tim Paine
We are now working on a few specifics and the whole idea of practice game is to get the feel going. Responding to Clarke's statement, Paine said the team had not spoken about being "liked" by anyone.

US Migrant Caravan: Tijuana officials brace more incoming migrants
The migrants had crossed the U.S. -Mexico border illegally during a chaotic clash with Border Patrol agents near Tijuana Mexico. Maria Luisa Cáceres, 42, took her 15-year-old special-needs son to the border to try to illegally enter the United States.

Everton at their strongest in my tenure, warns Klopp
The development and improvement is obvious. "Sunday is another very big game for us". "Yes, in specific games we can say that", he said.

Economists, Wall Street split on rate hike signals
It was a "rookie mistake, " Omair Sharif, senior USA economist at Societe Generale, said Wednesday in a note to clients. The central bank expects the unemployment rate to remain historically low next year.

Cameroon Lose AFCON 2019 Hosting Rights Over Poor Preparation
With this victory, Cameroon has also qualified for the Women's World Cup, which will hold in France, next year. Local and global news outlets have repeatedly speculated this year that Morocco might replace Cameroon .

Hunt shown shoving, kicking woman in altercation
It should be noted that Hunt was also involved in a separate incident in June at a resort in OH where he allegedly punched a man. While the next steps are unclear, Graziano reports that it's likely that Hunt will be placed on the commissioner's exempt list.

Storm Diana brings wind and rain to the UK
The north and east will begin dry, but rain elsewhere will quickly spread countrywide along with low cloud and mist. Mr Miles added: "Anyone in the United Kingdom can expect to see wind and rain over the next few days".

Ukrainian president warns of threat of 'full-scale war' with Russian Federation
"I am getting a report on that tonight and that will determine what happens at the meeting", Trump said . The rest are to appear in court on Wednesday, November 28.

Tito Ortiz beats Chuck Liddell
I don't think it was my best showing for sure. "We're going to have to sit back and think about it". The former UFC champs fought in 2004 and 2006, and Liddell stopped his fellow star in both scraps.

Trump Says He Expects To Raise China Tariffs
Trump said on Monday that he will likely push forward with plans to increase tariffs on US$200 billion of Chinese goods. Global stock markets edged lower on Tuesday, as the previous session's strong rally ran out of steam after U.S.