US, China Exploring Deal to Delay More Tariffs, Start Talks


"I really don't know but I will tell you that I think China wants to make a deal".

While the meeting between Chinese President Xi Jinping and his USA counterpart Donald Trump on the sidelines of the G20 meet is expected to somewhat calm down tensions, Wang said any success in Buenos Aires would rest on a foundation of mutual respect. "But frankly, I like the deal we have right now", Trump said.

The crown prince chatted with US President Donald Trump during the formalities, and had meetings with Narendra Modi, prime minister of India, where a number of commercial initiatives between the two countries were discussed.

Global leaders arrived in Buenos Aires, Argentina, on Thursday (Nov 29) for the weekend's Group of 20 (G-20) leaders' summit, amid disagreements between major powers over issues such as trade and geopolitical flashpoints.

"In terms of economic effects, Chinese export growth will likely weaken in coming months on payback from recent "front-loading", and - unless a deal is reached - over time by some US substitution to non-Chinese suppliers", Goldman Sachs wrote in a note.

But Trump has threatened to target the remaining $267 billion worth of Chinese imports as well, hitting Apple iPhones and laptops produced in China.

Trump said that the next round of Chinese tariffs will be on consumer electronics coming in from the country.

In recent months the United States and China have been engaged in rather heated negotiations regarding global trade deals, and the USA has leveraged tariffs in an attempt to gain the upper hand.

After much anticipation, Canada signed the revamped NAFTA in Buenos Aires on the sidelines of the high-profile G20 summit Friday.

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Peter Navarro, Trump's hardline trade adviser, will attend the meeting between the leaders, a USA official told Reuters.

Trump, whose economic record is likely to be a key factor in his race for re-election in 2020, lashed out at General Motors (GE) after the company's recent announcement of USA layoffs and plant closures and threatened additional tariffs. I'm open to making a deal.

U.S. President Donald Trump will meet his Turkish counterpart Recep Tayyip Erdoğan during the G20 summit in Argentina, Trump's top security aide said November 27.

USA tariffs on steel and aluminum remain in place, but a Canadian official said an advantage to signing onto the agreement now is an auto side letter exempting Canada of potential tariffs on exports of up to 2.6 million vehicles - well above current levels.

"We now see "escalation" as the most likely outcome in the next few months, with slightly over a 50% probability", the note from a Goldman team led by Andrew Tilton said.

It cited tensions over Chinese technological development, a focus of US concern.

Trump's chief economic adviser Larry Kudlow raised expectations of a deal earlier this week.

"However, it should be feasible for some kind of agreement to be reached to prevent the dispute worsening if both sides are reasonable", it said.

But Height Capital's Allen points out that President Trump celebrates his public persona as a "master dealmaker".