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China’s Xi Jinping faces potential ‘humiliation’ in G20 trade talk Trump

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Donald Trump   Xi Jinping
President
Donald Trump and China’s President Xi Jinping meet in Beijing in
November.

REUTERS/Jonathan
Ernst


  • The chances that President Donald Trump and Chinese
    President Xi Jinping will strike a deal to resolve their
    escalating trade war are looking increasingly poor.
  • Trump said this week that he is “highly unlikely” to
    step back on a planned increase in tariffs on $200 billion
    worth of Chinese goods to 25%.
  • He also said that he would introduce tariffs on
    additional goods if the countries do not reach a position that
    is favorable to the US.
  • The leaders will meet at the G20 Summit in Argentina
    this week in an attempt to broker a deal to end the trade war,
    though analysts are not optimistic.

Hopes of that President Donald Trump and Chinese President Xi
Jinping will manage to strike a deal this week to avoid
escalating trade conflict are pretty much dead in the water after
Trump said he expects to move forward with tariffs ahead of the
leaders’ planned meeting at the G20 summit this week.

In
an interview with The Wall Street Journal,
Trump said that it
was “highly unlikely” that he would accept Beijing’s request not
to move forward with increasing tariffs on $200 billion worth of
Chinese goods to 25% from 10%.

He also said that if negotiations between the two countries
don’t produce a favorable outcome from the US he would introduce
tariffs on additional goods.

Read More: 

Trump
is ready to go all-out in the trade war with China, and even the
iPhone may not be spared

Trump and Xi are to attempt to broker an end of the trade war at
the G-20 Summit in Argentina, which begins on Friday.


Trump Xi
President
Donald Trump welcomes Chinese President Xi Jinping at Mar-a-Lago
state in Palm Beach, Florida.

Reuters/Carlos Barria

China will hope for a breakthrough, though analysts warn that
this looks increasingly unlikely.

Read More: 

Trump’s
economic sugar high is already fading, and his trade war could
make it even uglier

A former top trade official on Capitol Hill
told Axios in light of Trump’s statements
: “My main takeaway
is that maybe Wall Street needs to stop being so optimistic that
Trump is going to negotiate away this China thing in the
relatively near future. We are in for a long haul.”

Michael Every, head of financial markets research Asia-Pacific at
Rabobank, characterized the likely result of G20 as “can-kicking
at best”
to CNBC
. Xi “can’t deliver on anything the US wants and
needs. Hence no deal,” he said.

Officials from both countries are working to follow up on a
November 1 phone call between the two leaders, where they agreed
to work towards a “mutually acceptable proposal,” Chinese foreign
ministry spokesperson Geng Shuang told reporters on Tuesday, as

Bloomberg reported.

Read More: US
companies are using an ingenious method to game the system and
avoid the worst of Trump’s trade war

He did not provide further details.

“We hope the US could work with us to implement and follow
the spirit of the phone call of the state leaders and ensure
positive outcomes of the meeting,” he said.

After repeated attempts by various US and Chinese
officials, China watcher and Sinocism newsletter author Bill
Bishop tweeted that the talks could in fact do serious
damage.

“If I were Xi Jinping I’d consider canceling the g20
meeting with trump. The odds of humiliation are not low,”
Bishop tweeted.

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