UK PM Theresa May Holds Presser After G20 Summit in Argentina

Sunday, 02 Dec, 2018

The meeting with Xi comes after a victory for Mr. Trump on trade.

Financial and commodities markets are closely watching the outcome of the summit, especially a planned meeting between Mr. Trump and Chinese President Xi Jinping on Saturday, although the outcome is far from certain.

Earlier this month, officials from countries attending a major Asia-Pacific summit failed to issue a joint statement for the first time after the US delegation clashed with China over trade and security.

US-China trade divisions also meant an Asian economic summit earlier this month was unable to agree a formal leaders' statement for the first time in its history. "We are continuing to raise these issues with China. There hasn't been a negotiation, not even a starting position", Henry Fernandez, chief executive officer of MSCI Inc., said in an interview in Buenos Aires.

Russian Federation is committed to deepening practical cooperation and coordination with China to safeguard global peace and security and build an open world economy, Putin said. It also notes a recent United Nations report that warned damage from global warming will be much worse than previously feared, and expresses support for an upcoming United Nations climate meeting in Poland meant to nail down how countries will meet promises made in the Paris accord.

China will have to give way on "fairness and reciprocity", he said, warning that USA concerns over intellectual property theft and China's forced technology transfers "must be solved". Trump has threatened to go ahead with that and possibly add tariffs on $267 billion of imports if there is no progress in the talks.

"However, it should be feasible for some kind of agreement to be reached to prevent the dispute worsening if both sides are reasonable", it said.

Tariffs are also weighing on Chinese domestic demand, it said, increasing uncertainty and rattling confidence in the short term - and potentially encouraging relocation of some production in the future. "Let's see the final result".

Meanwhile, a massive security operation is under way for the summit in the Argentine capital, Buenos Aires, where a bank holiday has been declared for Friday and the city's main business district has been shut down.

During the G20, emerging economies denounced protectionism.

"I think they want to, and I think we´d like to".

Argentinian Presidency shows Argentina's President Mauricio Macri welcoming Singapore's Prime Minister Lee Hsien Loong on arrival in Buenos Aires
Thousands march in Buenos Aires against G20 'imperialist leaders'

Ahead of the dinner, Xi spoke in support of the global rules-based order at a G-20 session. One French source said European leaders were trying to forge a separate statement on climate change excluding the US.

"The relationship that I have with President Xi, I think that's going to be a very primary reason we'll probably ending up getting something good for China and good for the United States, so we very much appreciate it".

Media captionSo how does a G20 summit work? He chose instead to fly with Trump and continue preparations with the president on Air Force One.

If Ukraine was the stated reason to cancel his talks with Putin, the latest revelations in the probe showed that Trump can not escape the lengthening shadow of what he again called the "witch hunt" at home when he comes to worldwide fora like the G20.

Duties of 10 percent now on most of those goods are shortly set to rise to a whopping 25 percent if a deal isn't reached.

Ultimately, the decision will be Trump's.

Kirill Dmitriev, the chief of Russia's sovereign wealth fund, told reporters that Putin would meet the prince Saturday and discuss boosting Saudi Arabia's $2 billion investment in Russian Federation.

The Kremlin said it had not been notified and only learned about it from the tweet.

Trump has yanked the United States out of the landmark Paris climate accord. But Trudeau declined to call it the "USMCA" Friday, calling it instead the new North American Free Trade Agreement.

"The currency manipulation from some countries is so intense, so bad", Trump said at the signing, without naming China specifically.

Trump is unhappy with the WTO's failure to hold Beijing to account for failing to open its economy as envisioned when China joined the WTO in 2001.