Trump, Xi Signal Readiness for Trade Talks Ahead of G-20 Meeting
(Bloomberg) -- U.S. President Donald Trump and Chinese leader Xi Jinping have indicated they’re both ready for a highly anticipated meeting at the Group of 20 summit in Argentina next week.
The world’s biggest economies have been engaged in an escalating trade war that is starting to have a greater impact on financial markets and global growth. On Thursday, Trump told reporters that China wants to make a deal “very badly” after his administration placed tariffs on on about $200 billion worth of Chinese goods.
China “wants to make a deal and we’re very happy with that,” Trump said. “I’m very prepared, I’ve been preparing for it all my life.”
On Friday in Beijing, top Chinese officials briefed on Xi’s upcoming travels, including the Nov. 30-Dec. 1 G-20 in Buenos Aires where he’ll meet with Trump. Xi’s trip will include stops in Spain, Portugal, and Panama. They didn’t name any officials who would accompany Xi.
Highlights from China’s briefing:
Key Comments on G-20
- Xi will attend a meeting of BRICS nations and hold bilateral summits with other leaders. China hopes to use the G-20 to reach a practical, open agreement on economic and trade cooperation, pushing all parties to improve policy coordination.
- China hopes to send a clear signal on supporting a multilateral system of trade and enhance cooperation with its trading partners.
- China is paying “close attention” to the summit and calls for all parties to uphold equality and mutual respect.
- The G-20 will agree to a 2020 deal on a digital economy.
- The bloc agrees the global economy faces downward pressure and rising risks, including a volatile finance market, trade frictions, and weak structural growth. The global economy lacks growth driver.
- China says reforms on the World Trade Organization should be addressed within the global trade body. Trump has repeatedly said the U.S. hasn’t been treated fairly by the organization.
Latin America
- China and Spain will chart a new road map for bilateral relations. China and Portugal will sign unspecified deals.
- China and Argentina will sign a five-year plan for future cooperation, and Beijing will support the country’s efforts to stabilize its finances.
- China and Panama will sign agreements in the e-commerce sectors and the service trade, and a pact for infrastructure and energy cooperation.
- While some Latin American countries see rising challenges in an unstable global environment, cooperation between China and the continent won’t change.
Insights
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