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Trump believes 'good possibility' of China trade deal: advisor

30 November 2018

After igniting a trade war with China and threatening tougher tariffs to come in January, Trump is also slated to sit down with President Xi Jinping on the G20 margins to press for wholesale reform of the world's second-biggest economy in favour of access for U.S. companies.

Trump and Chinese President Xi Jinping are due to meet during the Group of 20 summit in Argentina, which begins Friday.

The White House on Tuesday warned Xi against trying to wait out Trump in the ongoing talks, suggesting the Chinese economy was not as resilient to a trade war as the US economy.

Trump already has imposed steep punitive tariffs on about half of the Chinese goods imported into the USA market each year, and has threatened to target the remaining $267 billion as well - which would hit Apple iPhones and laptops produced in China.

"President Trump is right to have zeroed in on China's unfair trade practices, but a trade war with China isn't good for the world's economy over the long term, and it's not good for the USA economy either", said Delaware Sen.

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The United States has levied additional duties of between 10 percent and 25 percent on $250 billion of Chinese goods this year as punishment for what it calls China's unfair trade practices, with the 10 percent tariffs set to climb to 25 percent next year.

The G20 Summit will kick off in Argentina on November 30 with most eyes focused on tensions between the United States and China over a range of trade and security issues. The region has traditionally been viewed as America's backyard, but with the growing influence from China, U.S. officials have become increasingly uneasy about the Chinese bolstering economic, trade, and strategic ties with a U.S. ally such as Argentina. But even more goods are likely to feel the pain, if Mr. Trump does escalate his tariffs. He has previously said he's happy maintaining tariffs on Chinese imports if the two nations don't settle their trade differences. Walmart already warned of pricier products because of tariffs on Chinese imports.

The administration has for months been considering imposing dramatic new tariffs on imported vehicles.

"The G20 today is more of a standards setting body for global economic policy in different domains, such as energy security, trade and cyber security".

If Apple does get hit with tariffs, the impact may not be profound.

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Trump spoke to Wall Street Journal reporter Bob Davis earlier this week about U.S. Such taxes could not only hurt consumers but also stifle niche areas like car-collecting and restoring classic cars.

"With one of the most important meetings in recent times between the U.S. and China on Friday, markets are supported by a potential improvement in the relations between the two biggest economies, said Mihir Kapadia, CEO and founder of SGI". And on a more symbolic level, Xi - who had repeatedly promise to oversee the "great rejuvenation of the Chinese nation" - can not be seen as capitulating to USA demands.

The plant closings and layoffs announced by General Motors this week are putting another spotlight on the issue of tariffs. All of the worrying predictions of negative effects, he claimed, "have turned out to be false... we're taking in billions of dollars".

Mr. Trump noted the possible auto tariffs as a negotiating tool with the European Union in The Wall Street Journal interview.

Automakers, dealers and suppliers have come out against any new tariffs, arguing that they would hurt even USA -based companies and the U.S.'s global competitiveness. "Whether or not there is some interaction, I'm not going to rule that out". "And then the next day he was there at about 7:00 in the morning".

Trump says he expects to raise tariffs on China
He also said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25 % from 10% now . But Bernstein's Tony Sacconaghi said on CNBC that 25% of Apple's revenue could be hit with a 10% or 25% tariff.

In a statement released Wednesday, Lighthizer said, "China's policies are especially egregious with respect to automobile tariffs", which now stand at 40 percent.

Trump believes 'good possibility' of China trade deal: advisor