As G20 summit opens, contentious issues loom

China's President Xi Jinping waits for the start of the G20 summit in Buenos Aires Argentina Friday Nov. 30 2018

In that interview, he suggested, as he has previously, that China is desperate to make a deal while the United States has little incentive to do so: "I think that China wants to make a deal very badly".

Overhanging the summit in Buenos Aires, the Argentine capital, is a bitter trade dispute between the U.S. and China, the world's two largest economies, which have imposed tariffs on hundreds of billions of dollars of each other's imports.

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

"If they did make the smartphones in the U.S., it would add somewhere between 20% to 35% more to the final consumer prices of the phones sold to the public", Creative Solutions president Tim Bajarin said.

World leaders began arriving in Argentina ahead of a G20 summit dogged by increasingly strident warnings about the impact on the world economy of threatened USA trade tariffs.

Washington in July launched a bold trade war with the Asian giant by imposing increased tariffs on Chinese imports valued at some $34 billion.

China had already hit the U.S. with $3bn of tariffs in April, in response to USA tariffs on global steel and aluminium imports.

The US has hit a total $250bn of Chinese goods with tariffs since July, and China has retaliated by imposing duties on $110bn of US products.

But many economists and investors disagree with Trump's approach to trade and believe imposing tariffs on imports will directly result in what are effectively taxes on US consumers as a result of higher prices.

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U.S. -China trade talks led by Treasury Secretary Steven Mnuchin have been on-again, off-again several times, but Trump is slated to talk trade with Xi himself at the Argentina G20.

The global economy is at stake when Trump and Xi meet at a high-stakes dinner in Buenos Aires on Saturday. Wall Street edged lower on Thursday amid jitters over Trump's meeting with Xi. Trump has given the prince a pass while citing exaggerated claims of Saudi military contracts and investments in the US, and Putin has not criticized Saudi Arabia or the prince either.

"The meeting is equally needed by both sides and important for the development of the general situation in the world", Ushakov said.

The U.S. -China trade war, the Saudi crown prince's first trip overseas since the brutal killing of a newspaper columnist and the Ukraine crisis will grab the world's attention at this week's G-20 summit. Trump on Thursday abruptly cancelled their planned bilateral talks, citing Russia's seizure of Ukrainian vessels.

He also threatened tariffs on $267bn of other Chinese exports to the US. "And it is willing to cooperate with Washington in dealing with concerns about trade if they are fair-minded", the paper said.

"I will highlight the need for reformed multilateralism which reflects the contemporary realities and can effectively strengthen collective action for global good", he said.

"Because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes", he said.

Asked Thursday why the two had no meeting scheduled, Trump said: "I would have met with him but we didn't set that one up". PM Modi is expected to meet the United States President Donald Trump, Japanese Prime Minister Abe Shinzo for a trilateral meet on the sidelines of the summit.

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