All eyes on Trump and Xi as G20 summit kicks off

All eyes on Trump and Xi as G20 summit kicks off

India hopes to play a constructive role to help build a middle ground consensus among the world's major economies if the United States and China spar over a final statement of the G20 summit at Buenos Aires beginning Friday, said a senior government official.

China and the United States can reach a trade agreement at the G20 meeting in Argentina this week, the state-run China Daily newspaper said in an editorial on Friday, but Washington must be "fair minded" if it wants to defuse spiralling tensions.

Trump is looking for concessions on issues such as alleged intellectual-property theft and exploitative trade practices, while Xi hopes Trump will delay or scrap plans for new tariffs on Chinese goods.

The mounting trade dispute between the United States and China has dominated global news agendas in recent months, with the onus being on how it will affect global supply chains, and subsequently impact many economies in Asia and around the world.

Asked if China was seeking to prevent the imposition of additional USA tariffs at the meeting, the ministry's spokesman, Gao Feng, said economic teams from both nations were in contact to implement a "consensus" reached by Trump and Xi during a phone call this month.

"This is not a good year for multilateralism", said a German government source about talks on a final statement that the leaders are due to issue at the end of their meeting on Saturday.

Trump said that if he does not come to an agreement with Xi to open the Chinese market to U.S. exports, he will continue exerting trade pressure on the world's second largest economy by including goods heretofore not subsumed under the increased tariff structure.

President Paul Kagame on Thursday arrived in Buenos Aires, Argentina for the G20 Leaders' Summit.

Argentina G20 Summit
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President Donald Trump apparently struggled to understand the English-language translation of his Argentine counterpart's Spanish words on the sidelines of the G20 summit in Buenos Aires.

Trump is hopeful for a breakthrough with Xi but is ready to impose more tariffs if the upcoming talks don't yield progress, Larry Kudlow, Trump's top economic adviser, told reporters Tuesday during a briefing ahead of the Group of 20 meeting in Argentina.

These comments from both Trump and Lighthizer come days before the G20 summit in Argentina, in which Chinese President Xi Jinping is expected to meet with Trump.

Chang told Yahoo Finance there is enormous pressure on Xi that makes it hard for the Chinese leader to deal with the United States in good faith.

But, at the same time, he cautioned the USA was prepared to forge ahead with the new tariffs in the belief China would fold first.

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

"We value our relationship with China very much and have a very important commercial relationship with China", said the official, who asked not to be named because he wasn't authorised to speak publicly about the issue.

The same disputes were hobbling adoption of a G20 communique, observers said.

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