Published: Thu, November 29, 2018
Business | By Eloise Houston

Ahead of G20, Trump Open to Deal with China

Ahead of G20, Trump Open to Deal with China

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.

If the two sides fail to reach a deal, Trump said he will also impose tariffs of either 10 percent or 25 percent on the remaining $267 billion in annual US trade with China.

Briefing reporters ahead of the G20 summit, U.S. national security advisor John Bolton said that Trump will also have meetings with President Mauricio Macri of Argentina, President Moon Jae-In of South Korea, and President Recep Tayyip Erdogan of Turkey.

President Donald Trump seems willing to put 10 percent tariffs on all phones and notebook computers imported from China. "They did whatever they wanted, and people let them do that".

Hugo Erken, senior economist at the bank, said: "An ongoing trade war between the world's two largest economies has much broader ramifications that transcend their own borders ... in a globalised economy, there are no real winners from such policies".

Kudlow characterizes progress with China on trade as moving "very slowly". If no deal is reached during that meeting, he intends to impose tariffs of 10% to 20% on all remaining imported goods from China. Economists from Beijing's Renmin University predicted that the country's growth will hit 6.6 percent this year and slow to 6.3 percent in 2019. "But we're going to make a deal with China that's going to be representative of the United States the way it used to be".

Trump's goal at the G-20, Kudlow said, was to promote fair economic competition and free, fair, and reciprocal trade. "Although the current economic situation in the United States is good, people can not rule out the possibility of another - I don't want to use the word "crisis" - a similar situation to what happened 10 years ago", he said.

Trump is also to meet separately with Russia´s Vladimir Putin and the leaders of Argentina, Germany, India, Japan, South Korea and Turkey, White House officials said. Kudlow, though, tried to walk that position back, saying the president believed "there's a good possibility that a deal can be made". "Once the chain is broken, the United States would be affected too". He declined to say what other US officials will join Trump in the session.

"Maybe I won't have the meeting".

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