Published: Fri, November 30, 2018
Money | By Ralph Mccoy

China-US Spat Now Poses Global Threat: Australian Leader

China-US Spat Now Poses Global Threat: Australian Leader

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.

Trump will talk informally with Turkish President Recep Tayyip Erdogan and South Korean President Moon Jae-in at the G-20 summit. The negotiations are "very, very hard", the official told Reuters.

He spoke as he was leaving the White House to head to Argentina for a meeting of the Group of 20 nations, where he will meet with Chinese President Xi Jinping about ways to ease an escalating trade war.

An Argentine prosecutor has prepared a charges against the crown prince for breaching human rights law but this is not expected to get around the diplomatic immunity extended to those attending the summit.

The global economy is at stake when Trump and Xi meet at a high-stakes dinner in Buenos Aires on Saturday.

The U.S.is poised to increase tariffs on a range of Chinese goods from 10 percent to 25 percent on January 1, and Beijing likely to retaliate.

Morrison has been previously sympathetic to the US tactics, saying at the recent ASEAN summit in Singapore that he supported the aim of what Trump was trying to achieve - fair and free trade - and therefore did not necessarily regard the tariffs as protectionism per se.

Maersk, the world's largest shipping firm, has been particularly explicit about the threats posed by the tit-for-tat tariffs between the USA and China.

Chaired by President Mauricio Macri of Argentina, the Buenos Aires gathering is the first G20 Summit in which President Ramaphosa will participate since being elected President in February 2018. But the divisions have only highlighted how fractured the grouping has become on key global issues.

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"If we don't make a deal, then I'm going to put the $267 billion additional on" Chinese goods at rates of 10 percent or 25 percent, Mr. Trump said in an interview this week with The Wall Street Journal.

He did not rule out a meeting with Trump.

As President Donald Trump prepares to sit down with China's President Xi this weekend, Trump said Thursday that the administration is "very close" to reaching a deal to end the trade showdown between the two major economies even as he also sought to downplay the importance of making such a deal.

"The only deal that would really be acceptable to me - other than obviously we have to do something on the theft of intellectual property, right - but the only deal would be China has to open up their country to competition from the United States", Trump said.

The Prime Minister said he had acted "as a friend and partner of both countries" to encourage them to settle their disagreements at the East Asia Summit in Singapore and the Asia Pacific Economic Co-operation meeting in Port Moresby earlier this month. China has responded with its own tariffs. Trump on Thursday abruptly canceled their planned bilateral talks, citing Russia's seizure of Ukrainian vessels.

Roughly an hour earlier, he had told reporters he would probably meet with Putin at the summit and said it was "a very good time to have the meeting".

While the announcement sparked an immediate backlash from Trump - a threat to remove tax credits for GM's electric vehicles - the tariffs on imported steel and aluminium have nearly certainly been a factor in the decision.

In the past 20 years China has grown rapidly to become arguably Washington's biggest security rival, with defence spending that now far outstrips former Cold War rival Russian Federation.

"We still have to discuss the INF".

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