Trump Hints at China Trade Pact as Truce Progress Reported

Donald Trump was planning on meeting with Vladimir Putin at the G20 in Argentina this weekend

As President Donald Trump heads to his meeting with Chinese President Xi Jinping, he'll have the support of many other world leaders, former ambassador Nicholas Burns told CNBC on Thursday.

That background weakness for Apple means the company and its investors have to pay extra close attention to a tariff skirmish that could have been a blip in Apple's heady days. US stocks fell on Thursday amid uncertainty over the outcome of the talks.

China now imposes a 40 percent tariff on US automobiles, while the United States has a 27.5 percent tariff on Chinese vehicles.

President Trump said recently that current tariff levels on $200bn (£157bn) of Chinese imports would rise as planned.

"I think we're very close to doing something with China, but I don't know that I want to do it, because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes", Trump told reporters as he departed the White House to travel to the G-20.

A Reuters poll yesterday showed China's factories likely struggled to grow for a second straight month in November as cooling demand at home and the threat of higher U.S. tariffs stifled new orders.

Fast-forward three years and he's hosting this summit in a new political era - one where protectionism and populism, not globalisation, are the order of the day.

Beijing has criticised Washington's aggressive trade policy for its "harmful consequences" and has implemented reciprocal measures on more than $60 billion in USA imports. -China trade skirmish only hurts Apple on the margins, it's still worth paying attention.

Trump had also said he would get a final report during the flight to Argentina on the tension in the region after Russian Federation seized Ukrainian vessels near Crimea on Sunday. Healthcare was the biggest percentage gainer with a 0.99 percent increase, followed by gains in defensive sectors such as consumer staples, utilities and real estate. Allen predicts the new tariffs will be applied in stages rather than all at once if Saturday's meeting between Xi and Trump fails to produce at the very least a pause in the dispute.

"Imposing a new round of tariffs would cause a shock that will reverberate across America and the globe".

Additional tariffs on Chinese-made vehicle and parts would have a limited impact, said Kristin Dziczek, an economist at the Center for Automotive Research. Some experts fear that could cost hundreds of thousands of American jobs and raise US auto prices by roughly 10 percent. 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 US demands. The US, Canada and Mexico are expected to sign the new United States-Mexico-Canada Agreement created to replace the current NAFTA trade deal.

Notably, his chief economic and national security advisers on Tuesday came to the White House briefing room and tried to lower expectations for the much-anticipated dinner with Xi.

The plant closings and layoffs announced by General Motors this week are putting another spotlight on the issue of tariffs.

But Trump's proposed solution - switching to pricey American labor and production facilities - would add even more to the iPhone's cost. A day earlier, Trump issued a vague threat to GM to preserve a key plant in the presidential bellwether state of OH, where the company has marked its Lordstown plant for closure.

"I hope that the United States and China could move towards each other and work hard to achieve positive results in the meeting", Gao said, without giving any details.

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