Presidents Trump and Xi Set to Meet at G-20 in Argentina on Trade Issues
US President Donald Trump and Chinese President Xi Jinping will meet at the Group of 20 nations Summit in Buenos Aires, Argentina to discuss the trade dispute between the two countries in late November.
White House economic advisor, Larry Kudlow, told reporters that US “asks are on the table” and that the 2 world leaders “will meet for a bit” in the Argentine capital during the event. He said that staff-level meetings between Chinese and American officials ahead of the 30 November-1 December leaders’ Summit.
He cautioned that he does not expect a major breakthrough between the 2 leaders, while saying that a broad agreement “on some basic principles and trading rules” including intellectual-property theft, forced transfer of technology, and tariffs on agricultural products “would be most welcome.”
US and Chinese officials have been discussing a meeting between the 2 leaders at the G-20 for months and the South China Morning Post reported last week that they had tentatively agreed to a session.
The G-20 Summit in Buenos Aires will be the last international event of the year that both Presidents Trump and Xi attend.
Formal negotiations have been stalled since August, when US Treasury’s undersecretary for international affairs, David Malpass, led discussions in Washington with Chinese Vice Minister Wang Shouwen.
Mr. Kudlow accused China of refusing to engage on trade issues in a FT interview published last Sunday.
The benchmark Shanghai Stock Exchange Composite Index has fallen to Y 2008 marks, as trade tensions and concerns about an economic slowdown weighed on investor sentiment.
Growth decelerated to 6.5% in Q-3, according to data published on 19 October by China’s National Bureau of Statistics.
In May, US and Chinese negotiators issued long lists of demands during talks in Beijing.
Among US demands were a reduction in the country’s trade deficit with China and abandonment of subsidies and government support to strategic industries. Beijing’s Made in China 2025 program calls for promoting such emerging fields as artificial intelligence, big data and robotics.
China’s demands included the US ceasing a ban on exports to China of integrated circuits, opening government procurement to Chinese technology products and services, and giving Chinese companies equal treatment in national security reviews.
I expect positive results to come from the Trump-Xi Summit in November.